Global macro overview for 07/09/2015:
Friday's much awaited NFP number release still did not ruled out Fed's short-term interest rate hike in September 2015. The number came out at 173k (against the forecast of 215k), nevertheless the unemployment rate dropped to the level of 5.1%. Please notice that this figures posed a dilemma for the Fed together with lower oil and commodity prices that will help keep inflation low. The Fed is likely to revise its longer-term economic projections: the growth might be revised up and unemployment might be revised down during the September meeting. The last problem is the2% inflation rate.
The technical picture for EUR/USD did not changed much after the NFP release as a new local low and new local high were reached in the H4 time frame. Current support is found at the level of 1.1086 and resistance is seen at the level of 1.1203.
