Global macro overview for 31/10/2018

The employment report prepared by Automatic Data Processing (ADP), often called small payrolls, positively surprises with its value. The latest estimates of changes in the level of employment in the US non-agricultural sector are not only better than forecast but also the best so far in this half-year.

The surveyed economists expected employment growth in September at the level of 189,000. Meanwhile, the latest ADP calculations indicate that we can expect up to 218,000 of newly employed in the US non-agricultural sector. The increase in employment comes mainly from the services sector, where work was to find as many as 189,000 people. The construction and production sectors have added 17,000 jobs in the reporting period.

Let's now take a look at the EUR/USD technical picture at the H4 time frame. The pair remains supported on October 26 in the region of 1.1335. The pressure of dollar bulls is clearly too weak to clearly indicate the southern direction. Only the confirmed breaking of the indicated level will open the way to the test of this year's lows near 1.1300.


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