EUR/USD: Euro Stable Above $1.06 as FX Markets Eyeball 180,000 New Jobs in October

It’s Jobs Day and the latest nonfarm payrolls are expected to show a moderate pace of hiring for the previous month.

• The EURUSD pair was moving sideways early Friday with FX market participants bracing for upcoming volatility ahead of today’s jobs data. The number they’ll be scanning for: 180,000 new hires are expected to have joined the ranks of the working people in the US for October, a massive reduction from the 336,000 in September.
• The euro was trading stable, hovering around $1.0630, up for a second straight day after the Federal Reserve knocked the dollar by keeping rates steady. On that front, the Fed’s next meeting mid-December is also likely to be a no-hike event, giving traders much needed reprieve, 500 basis points later to a benchmark rate of 5.25% to 5.50%.
• Broadly, the economic situation in the US is still far from what the Fed would like it to be. September’s payroll number showed the pace of hiring is much hotter than planned. Further, the number of Americans filing for unemployment benefits sits at relatively low levels, indicating more Fed action might be needed to cool things down.