Global macro overview for 04/03/2016:
The main event of the week, Non-Farm Employment Change, is scheduled for release today at 01:30 GMT. Two of the previous US jobs market reports were released earlier this week: ADP and Unemployment claims. Both of them has beaten the expectations, delivering better than expected figures. Today, the NFP figures are expected to break 195,000, 45, 000 more than last month NFP number. Moreover, the unemployment rate should stay at the same level of 4.9%. In conclusion, we might notice that overall expectations as high as the employment is the strongest pillar of the U.S. economic recovery since the credit crisis and the influence on the FED's interest rate decision is significant.
Let's now take a look at the EUR/USD pair ahead of the NFP figures release. The market had broken above the golden trend line yesterday, but the recovery rally did not last long as it was capped at 23%Fibo at the level of 1.0960. It looks like bulls are trying to re-gain the control over the market, but so far there is no avail. Any breakout below the 1.0825 low will only accelerate the sell-off.
