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The number of new jobs exceeded expectations, but markets couldn’t ignore the weak level of growth or the revision of average hourly wages. The average hourly earnings index in the US came to 0.2% (forecast: 0.3%, previous reading revised from 0% to -0.1%).
The euro’s rise was less down to the NFP and more to do with the growth on the euro/pound cross. The pound shed 0.67% in Friday’s session, with the yen losing 0.32% and the euro 0.03%. The franc and the Kiwi and Aussie dollar closed up.
In theory we could drop as far as 1.1730 or lower. For now the main thing is to get back below 1.1770. Trading in London opens at 11:00 (GMT+3). Hopefully, the euro will open down when trading gets underway. This would keep buyers at bay while increasing the probability of a rebound from the upper boundary of the A-A channel.
The FOMC meeting is on Wednesday. Interest rates are expected to be raised by 25 base points. Congress has reached an agreement to extend federal funding through the 22nd of December. President Trump has already signed the bill.
Source:https://alpari.com/en/analytics/reviews/market_sessions/23504_11122017/
