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EUR/USD climbed back above 1.0900 after US nonfarm payrolls showed 114K jobs added in July against a forecast of 175K. Unemployment rose to 4.3% and June's payroll figure was revised down to 179K from 206K.
The weak labor print boosts expectations of Fed easing, pressuring the dollar and supporting dollar-priced commodities, while a risk-off tone adds some uncertainty to demand outlooks.
teletrade.orgAug 2, 2024After 388 past bullish macro events, Euro (USD per EUR) moved a median +0.3% over 5 sessions (62% higher; middle half -0.4% to +1.1%), and +0.1% over 20.
After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Same NFP miss plus a downward revision to June payrolls weakened the dollar, lifting EUR/USD back above 1.0900.
