EURUSD – Up
EURUSD:
Today, the EUR to USD pair is holding positive momentum around 1.0940. A general look at the US non-farm employment data for February, released on March 8, suggests that activity in the US labor market remains strong. Prospects that the Federal Reserve will begin its first rate cut in June led to a decline in the dollar against the euro.
The U.S. economy added 275,000 jobs in February, up from 229,000 in the previous month, above the consensus forecast of 200,000, the U.S. Bureau of Labor Statistics (BLS) said on Friday. The unemployment rate rose to a two-year high of 3.9% in February from 3.7% in January. Finally, wage growth, as measured by average hourly earnings, rose 4.3% in February, up from 4.4% previously. Fed Chairman Powell said in his testimony before the Senate Banking Committee on Friday that more certainty is needed before the central bank is ready to cut rates, but they are not far off.
As for the euro, the European Central Bank (ECB) kept borrowing costs at record highs last week, as expected. ECB President Lagarde maintained a cautious tone, emphasizing that more evidence is needed for the ECB to cut rates. Also on Friday, Eurostat reported that Eurozone gross domestic product (GDP) for the fourth quarter of 2023 was unchanged month-over-month and grew 0.1% year-over-year.
Trade recommendation: Trading predominantly Buy orders from the current price level
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You may check other analytical reviews on FreshForex website. Source: freshforex.com.
