Investing.com - Financial Markets Worldwide
🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

EUR/USD Hovers Above 1.0900 as Investors Await Crucial Nonfarm Payrolls Report

ByAlex Boltyan
Published 04/06/2023, 04:53 PM
Updated 07/09/2023, 06:32 AM
EUR/USD
-

The EUR/USD pair entered a consolidative phase on Thursday amid thin trading conditions while investors wait for the U.S. nonfarm payrolls report. At the time of writing, the EUR/USD pair is trading at the 1.0925 area, 0.23% above its opening price.

Most global markets will remain closed on Friday in observance of Good Friday. In the U.S., the stock market will remain closed, but the bond market will open for a shortened session. Still, the U.S. Bureau of Labor Statistics will release the March nonfarm payrolls data. The NFP report is expected to show the economy created 240,000 new jobs in March, following a 311,000 gain in February. At the same time, the unemployment rate is seen steady at 3.6%. 

Data released earlier this week (JOLTS, ADP) began to point to a loosening labor market. On Thursday, data showed the weekly initial jobless claims were 228,000 in the week ended March 31, above the 200,000 expected, adding evidence the job market is facing some pain. The official government report will have the last word and could fuel expectations the Fed will remain on hold at the May meeting.

EURUSD Daily Chart
From a technical perspective, the EUR/USD pair maintains a bullish short-term outlook, according to indicators on the daily chart, with the RSI and the MACD turning flat above their midlines. However, the bullish momentum has faded as investors take the sidelines.

On the upside, the critical short-term barrier is given by recent highs at the 1.0970 area, followed by the 1.1000 psychological level and February’s high of 1.1032. On the flip side, the immediate support is seen at the key 1.0900 area and then the 1.0790-1.0800 zone, where the 20-day SMA reinforces the psychological level.

Latest comments

Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.