EUR/USD gains through the 1.0800 mark, investors await Eurozone CPI, US NFP

The EUR/USD pair reclaims the 1.0800 area but remains under pressure as the pair posts a weekly close in negative territory for the fifth consecutive

fails to boost the Euro against its rivals despite the weaker Eurozone economic data. The major pair currently trades near 1.0808, up 0.10% on the day.

European Central Bank President Christine Lagarde stated at the Jackson Hole Symposium that the fight against inflation is not over. She emphasized the importance of central banks providing an economic nominal anchor and ensuring price stability while setting interest rates at restrictive levels for as long as it takes to achieve inflation to the ECB's medium-term target of 2%.

Apart from this, Philadelphia Fed President Patrick Harker said that he does not see the need for additional rate hikes at this time and the Fed should hold rates steady and observe the impact of policy on the economy. Meanwhile, ClevelandPresident Loretta Mester said that GDP and labor market data show that the economy is gaining momentum.

About the data on Friday, the University of Michigan's Consumer Confidence Index for August fell to 69.5 from 71.6 in July and was revised from the first reading of 71.2. Additionally, The Current Conditions Index dropped from 76.6 to 75.7 , while the Expectations Index fell from 68.3 to 65.5 .

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