This morning was the release of the ADP job numbers for the US economy. The result was the addition of 117,000 jobs versus the forecast of 203,000. This result led to only a small dip in the Dollar.
Current forecasts for this Friday’s NFP release are bullish. The unemployment rate is suggested to stay the same at 6.3% while the economy adds another 185,000 jobs. Technical analysis, however, suggests that the NFP may lead to a bearish reaction as the price continues to make lower highs.
While the outlook for the Dollar remains mixed, one major seems focused on moving higher. This pair is GBPUSD who has continued to move higher each week since September 2020. Price has created a new higher low this week and bullish price action should pave way for the next high.
As for the rest of the majors, many such as EURUSD are moving with the motions and are stuck within hourly ranges. It’s not always the case that NFP week is slow or lacking volatility, but it can happen.