# EUR/USD: NFP and stimulus to give the greenback another boost after Powell's powerful impact - Forex Crunch

> EUR/USD dropped sharply after Powell declined to commit to lowering yields, falling to the 1.1950 support area. Traders were looking ahead to the February US Nonfarm Payrolls report, which was expected to show about 182,000 jobs added.

- Date: 2021-03-05 · published 2021-03-05T12:00:00.000Z
- Category: macro · region US · magnitude medium
- Page: https://feedsoft.ai/events/11419-eur-usd-nfp-and-stimulus-to-give-the-greenback-another-boost-after-powell-s
- Commodities: [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A strong jobs report would likely lift US yields and the dollar further, which tends to weigh on dollar-priced commodity exports and put pressure on US grain and meal futures.

## Read by commodity

- DXY: bullish ▲
- EURUSD: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| EURUSD | 2021-03-05 | 1 | -1.1% | -3.2 | Powell's refusal to push back on rising yields plus anticipation of strong NFP and stimulus lifted the dollar and pushed EUR/USD sharply lower toward 1.1950 on March 5. |
| DXY | 2021-03-05 | 1 | +0.9% | 3.5 | EUR/USD dropped toward 1.1950 after Powell's remarks, with traders positioned for a strong NFP boost to the dollar, setting up the March 5 move. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| EURUSD | 2021-03-04 | [EUR/USD drops under 1.2000 as Powell send US bond yields flying - Forex Crunch](https://feedsoft.ai/events/11416-eur-usd-drops-under-1-2000-as-powell-send-us-bond-yields-flying-forex-crunch.md) | -1.4% | -2.7% |
| EURUSD | 2021-02-26 | [EUR/USD set to end the week on a sour note, drops sharply back below 1.2100 - Forex Crunch](https://feedsoft.ai/events/9591-eur-usd-set-to-end-the-week-on-a-sour-note-drops-sharply-back-below-1-2100.md) | -1.5% | -3.7% |
| EURUSD | 2018-08-10 | [It took Turkey to send EUR/USD to new 2018 lows - Forex Crunch](https://feedsoft.ai/events/11067-it-took-turkey-to-send-eur-usd-to-new-2018-lows-forex-crunch.md) | -1.5% | +0.1% |
| EURUSD | 2021-05-27 | [EUR/USD: Recent shifts in ECB and Fed rhetoric are bearish for the euro - MUFG - Forex Crunch](https://feedsoft.ai/events/47298-eur-usd-recent-shifts-in-ecb-and-fed-rhetoric-are-bearish-for-the-euro-mufg.md) | -0.7% | -2.3% |
| EURUSD | 2024-01-29 | [US dollar forecast: USD at the mercy of the Fed, BoE and NFP ahead \| IG SG](https://feedsoft.ai/events/32289-us-dollar-forecast-usd-at-the-mercy-of-the-fed-boe-and-nfp-ahead-ig-sg.md) | -0.7% | -0.1% |
| DXY | 2017-06-15 | [USD extends gains across the board after the data and - Forex Crunch](https://feedsoft.ai/events/10198-usd-extends-gains-across-the-board-after-the-data-and-forex-crunch.md) | +1.1% | -0.5% |
| DXY | 2021-03-04 | [EUR/USD drops under 1.2000 as Powell send US bond yields flying - Forex Crunch](https://feedsoft.ai/events/11416-eur-usd-drops-under-1-2000-as-powell-send-us-bond-yields-flying-forex-crunch.md) | +0.7% | +0.9% |
| DXY | 2021-02-26 | [EUR/USD set to end the week on a sour note, drops sharply back below 1.2100 - Forex Crunch](https://feedsoft.ai/events/9591-eur-usd-set-to-end-the-week-on-a-sour-note-drops-sharply-back-below-1-2100.md) | +0.7% | +1.9% |

## Sources

- forexcrunch.com: https://www.forexcrunch.com/blog/2021/03/05/eur-usd-nfp-and-stimulus-to-give-the-greenback-another-boost-after-powells-powerful-impact/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.