The market’s most traded currency pair returned to stability on Friday. The current EURUSD quote is 1.0770.
The attractiveness of the US dollar as a safe-haven asset decreased after the Senate approved the draft bill on raising the public debt limit. It turns out that the risk of default has been the main foothold for the USD in this growth cycle.
The statistics from the Eurozone published yesterday cheered the market up though it was unexpected. The region’s CPI dropped to 6.1% y/y in May from 7.0% y/y previously, and this is an excellent result. Core inflation also eased its pressure, falling to 5.3% y/y from 5.6% earlier.
US jobs market data show employment looks stable so far. The weekly jobless claims report saw a slight increase, rising to 232 thousand from 230 thousand previously. The NFP from ADP increased by 278 thousand while the forecast was for an increase of only 173 thousand.
Today is an important day. The US will present the main block of statistics on the employment sector.It was previously thought that strong reports from this side would force the US Federal Reserve System to raise the interest rate further. This threat is not so pronounced now, but the digits are worth a closer look.
Source: Roboforex
