Yesterday we did see a bounce back for the EUR against GBP and USD, with the latter seeing movements of up to 0.7% in favour for the EUR. After a few days of political turmoil in France – it looks like the left-wing and far right parties might move closer to an agreement of how the budget could find an agreement.
It would implement a slower pace on cutting France budget deficit when moving into next year. Even if it’s not been agreed upon, it’s giving markets a little more visibility on how a solution for France can take place –reducing some uncertainty for now.
Today being the first Friday of the month, means that at 1.30pm we will have non-farm payroll. Being a very volatile data release, seeing the last two releases causing daily fluctuations of 0.7% for the day. Last month highlighted a big slowdown in the US job market only producing 12k jobs, whereas expectations were around 130k new jobs – seeing the USD falling.
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