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Nov 03 - 08:55 AM

EUR/USD - ADP To Test EUR/USD Today Ahead Fed Then Friday's Big Test

By Jeremy Boulton  —  Nov 03 - 06:59 AM
  • EUR/USD 1.1575-97 EBS range in Europe

  • U.S. Oct ADP report at 12.15GMT f/c 400k after 568k in Sep

  • At 18GMT Fed to detail plans to end pandemic-era bond purchases nL1N2RT1UO

  • Friday NFPs at 12.30GMT seen 450k in October from 194k

  • Both Aug and Sep data missed f/c without derailing taper plans

  • Data should determine whether specs start to build a big short position

  • Current net position negligible with big potential for growth in net short

  • EUR/USD ranges within 1.15-1.18 or 1.14-17 likely this year

  • OPEC plans should afford EUR/USD some support nL1N2RU0I2

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Refinitiv IFR Research/Market Commentary


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