The EUR/USD pair advanced throughout the first half of Wednesday, as demand for the US Dollar fell following comments from Federal Reserve (Fed) Chairman Jerome Powell mid-Tuesday.
EUR/USD Current price: 1.0774 Upbeat European macroeconomic data helped EUR/USD reach a fresh weekly high. A tepid ADP report on private job creation put additional pressure on the US Dollar. EUR/USD turned bullish in the near term and could run past 1.0800. The EUR/USD pair advanced throughout the first half of Wednesday, as demand for the US Dollar fell following comments from Fed eral Reserve Chairman Jerome Powell mid-Tuesday.
The US also released the June Challenger Job Cuts, which showed US-based employers announced 48,786 cuts in June, down 23.6% from the 63,816 cuts announced in May. Additionally, the May Goods and Services Trade Balance posted a deficit of $75.1 billion, better than anticipated. Finally, Initial Jobless Claims for the week ended June 28 surged to 238K, worse than the 235K anticipated by market players.
Recommended Growth Employment Fed
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EUR/USD Forecast: EUR/USD holds in range after a disappointing US ADP surveyFinancial markets were mostly quiet throughout the first half of the day, with the US Dollar achieving modest intraday gains amid prevalent caution.
Read more »
EUR/USD Forecast: Bulls need a strong catalyst to retest 1.0800The US Dollar (USD) added to the negative start to the week and receded marginally on Tuesday, lending some tepid support to the risk complex and lifting EUR/USD to as high as the 1.0760 zone, where some initial resistance seems to have emerged.
Read more »
EUR/USD Forecast: Bulls give it another tryThe EUR/USD pair recovered the 1.0700 mark and trimmed its Wednesday losses when it bottomed at 1.0665.
Read more »
EUR/USD: Topside for EUR/USD is very limited – Societe GeneraleThis morning’s IFO data confirm what the PMIs told us – expectations are down, FX strategist Kit Juckes at Societe Generale notes.
Read more »
EUR/USD Forecast: The 1.0900 region caps the upside so farThe US Dollar (USD) traded defensively at the beginning of the week, providing extra wings to the risk-associated universe and encouraging EUR/USD to add to its ongoing recovery and approach the key 1.0900 barrier.
Read more »
EUR/USD Forecast: Buyers could take action once Euro stabilizes above 1.0900EUR/USD rose sharply and reached its highest level since late March above 1.0900 on Monday.
Read more »