Today, September 2nd, is the start of the first trading week of this fall for US traders. Yesterday, the USA celebrated the Labor Day, which symbolizes the end of the vacation season as well as the start of the new trading season.
Apparently, the first trading week is going to be rich in macroeconomic events. These are the key economic news coming from the USA this trading week.
5 Key US Economic Reports Coming This Week
The Wall Street Journal sites the following 5 key reports coming from the US labor market this week.
Nonfarm Payrolls
This is the official stats indicating the change in jobs within the scope of the non-farm sector. Most of the readings of this report are not included in the LMCI, an in dex developed by the Fed. Still, this is the key US employment report for Forex traders and investors.
Analysts anticipate the figures to improve further, thereby indicating the recovery in the labor market. The report is scheduled form September 5th. The figures re expected to reach 220 000. If this is the case, the series of data over 200 000 will go on for 7 months in arrow, which is the longest series since 1997.
Average Hourly Wages
This index is also crucial for determining the overall health of the local labor market.
Employment Indexes
2 indexes coming from the Institute for Supply Management (ISM) are going to be released on Tuesday and Thursday. Each of the research reports include employment data. It will influence the expectations concerning Friday's Nonfarm Payroll report.
ADP Employment Change
This report will concern the vacancies in the US private sector. The report is scheduled for Thursday, September 4th. Some experts do not trust those data due to multiple cases of inaccurate figures. The inaccuracy used to be over 50 000 jobs on average. However, since 2014 it was reduced to 27 000 jobs.
The Beige Book.
This one is going to be released by the Federal Reserve on Wednesday, September 3rd. The book is a set of economic data for 12 major states. Each of the regional reports includes, employment, wages and major economic tendencies in the state.
The Beige Book is taken into consideration by the FOMC members and will be released in advance of the forthcoming FOMC meeting scheduled for September 16th-17th.
EURUSD: Mid-Term Prospects
When it comes to the mid-term prospects of the US Dollar, there is nothing better than considering the thoughts expressed by some of the best trading experts and members of Masterforex-V Academy.
EURUSD H4. The downtrend has been going on since August 18th. The mid-term trend matches the long-term one. The overall bias is bearish. The price is going down within the scope of an descending MF sloping channel. While the price is still below the top of the descending sloping channel, the price is set to go further down. This holds especially true if the price breaks and consolidates below 1.3101. If this is actually the case, we are likely to see a further price drop down to 1,3067 and 1,2996 along the red arrow in the chart below.
It should be noted that the price may well consolidate around the level until the end of the ECB meeting scheduled for September 4th.
Alternatively, a break above the top of the MF sloping channel coupled with coming over the top of moving averages may eventually give way to the 1,3196-1,3220 area and further up to 1,3297.
According ot the Binary Options Department of Masterforex-V Academy, it is recommended to go short (purchase PUT options) on bullish recoveries. The average lifetime of the binary options is 3 to 4 hours.
