Market Comment - 8th October 2021

Posted by Stuart PritchardOctober 8, 2021

Good morning,

Non Farm Payroll day!

One of the most eagerly anticipated pieces of data every month. It’s seen as the bellwether of the US economy. Essentially it demonstrates the health of the employment market in the States removing seasonal fluctuations (such as the harvest in agriculture hence the non farms bit). Analysts are expecting 500,000 jobs to be added in September. A number above this should see the Dollar push up and vice versa for a worse figure. We will be following it in detail and will put a newsflash out if the number is significantly different to consensus.

In Europe the ECB President, Christine Lagarde, is giving a speech just after lunch which could have an effect on the Euro rate. This is part of a number of speeches given by the board at the ECB over the last 24 hours.

Outside of this the Pound continues to fail at the technical resistance level versus the Euro although it’s maintaining it’s strength.

Looking ahead to the weekend we aren’t expecting fireworks as there’s a bank holiday in the States for Columbus Day on Monday.

As ever we look forward to keeping you in the loop and look out for our next update.

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Today’s Economic Calendar

EUR: 13:10 President Legarde’s speech

US: 13:30 Non Farm Payrolls

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