EUR/USD corrects sharply lower to 1.0440 post-Payrolls – by pabspiovano EURUSD Currencies Majors NFP Employment
US Non-farm Payrolls surprised to the upside in November.comes under further downside pressure and rapidly breaks below the 1.0500 in the wake of the US jobs report on Friday.EUR/USD picks up extra selling pressure after the release of the Nonfarm Payrolls showed the US economy added 263K jobs during November, surpassing initial estimates for a gain of 200K jobs. In addition, the October reading was also revised up to 284K .
In the meantime, the European currency is expected to closely follow dollar dynamics, the impact of the energy crisis on the region and the Fed-ECB divergence. In addition, markets repricing of a potential pivot in the Fed’s policy remains the exclusive driver of the pair’s price action for the time being.
: Continuation of the ECB hiking cycle vs. increasing recession risks. Impact of the war in Ukraine and the persistent energy crunch on the region’s growth prospects and inflationSo far, the pair is losing 0.82% at 1.0440 and a breach of 1.0365 would target 1.0330 en route to 1.0222 . On the upside, there is an initial hurdle at 1.0548 ahead of 1.0614 and finally 1.0773 .
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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