Today there are few important events that can seriously affect the market. Both occur at 12:30 GMT and the data is from the USA. First of all we have Non-Farm Employment Change that is forecasted to drop to 123K from 163K. This report always has a big influence on the market so everybody is watching it closely. The second one is an Unemployment Rate. The forecast is basically the same as the previous figure of 8.3%. This information is essential especially against the background of the presidential election campaign in the USA. Employment remains one of the most crucial issues in America. Since the end of the Second World War none of the candidates succeeded in winning the election with the unemployment rate above 8%.
EUR is declining due to the ECB decisions. Currently most traders in the market do not believe in the growth potential of the Eur. So in the short run the trend is slightly bearish.
The pressure on the currency pair put a downward pressure on it and as a result it has declined. Today the pressure remains so the market anticipates it to drop more.