Thursday ended with the EUR/USD being high above of local resistance of 1.10. What's the target now?
Evergreen buck dives as Loonie jumps
On Friday, the evergreen buck declined versus its major counterparts because dismal jobs report did little to affect expectations the key US bank might rein in rate lifts.
Measuring the purchasing power of the greenback against its key rivals the USD index declined by 0.15% trading at 96.62.
As a matter of fact, nonfarm payrolls surged by 155,000 for the November, diving from 237,000 in the previous month. It confounded experts’ estimate of 200,000.
As for the jobless rate, it was intact sticking with 3.7%, while average hourly earnings managed to ascend by 0.2%, which is lower than hopes for a 0.3% jump.
However, market experts kept touting a healthy backdrop for the labor American market. They blamed the dismal jobs report on the recent natural disasters that affected labor demand in the housing sector.
Still, the major US currency struggled to tack on due to the fact that the Federal Reserve might pause on rate lifts kept weighing. As the Wall Street Journal informed, Fed officials are considering whether to indicate a wait-and-see attitude after a probable rate lift at their gathering in December.
The currency pair EUR/USD tacked on by 0.25% being worth $1.1405. GBP/USD tumbled by 0.42% trading at $1.2732.
The currency pair USD/JPY rallied by 0.04% because safe-haven demand backed a bid in Japan’s currency, keeping a lid on profits in the currency pair.
The currency pair USD/CAD went down by 0.61% trading at C$1.3302 as firm jobs data from Canada drew a bid in the Canadian dollar, although profits could be restricted by dwindling hopes for a Bank of Canada rate lift.
Cuts in the Canada's energy sector outlook along with decelerating economic data into the fourth quarter have left a January Bank of Canada rate lift hike worthless.
Let’s look what moves the market today.
The European Central Bank will publish the main refinancing rate and make a statement on Thursday, June 4, at 14:45 MT time. Also, the ECB press conference will be later at 15:30 MT time.
EUR and gold moved up