Safe haven currency trading for European Union EUR/USD raise on Thursday trading day, going up to fresh 3-month highs, latest position extending sharp gains from the previous session, as currency traders continued to gear up for the likelihood of a disappointing U.S. jobs report which could cap a stellar week for the euro. Euro also stronger against other major currencies
The safe haven currency pair traded in a broad range between 1.1070 and 1.1238, before settling at 1.1210, up 0.0106 or 1.04% on the session. As reported from Investing, The euro soared above 1.12 against the dollar for the first time since late-October, then held onto the gains to post its strongest two-day move since the August flash crash. Euro have a great time to get higher
EUR/USD has closed higher in each of the last four sessions, jumping more than 3.3% from last Friday's lows after the Bank of Japan propped up the dollar with a surprising decision to push interest rates into negative territory.
Safe haven currency pair EUR/USD likely gained support at 1.0538, the low from December 3 and was met with resistance at 1.1496, the high from Oct. 15.
The most awaiting economic data is coming from America, Initial U.S. jobless claims last week, according to government reports released on Thursday, rose 8,000 to 285,000 for the week ending on Jan. 30, slightly above consensus' estimates of 280,000. New claims continued to trend higher, as the four-week average increased to 284,750, up approximately by 5,000 from the same level a month ago. While continuing claims fell considerably to 2.255 million for the week ending on Jan. 23, the four-week average moved higher for the fourth consecutive week.
Investors and forex traders opinion, The downbeat data will likely temper analysts' optimism heading into Friday morning's U.S. jobs report for the month of January. The Labor Department's Bureau of Labor Statistics is expected to report that nonfarm payrolls increased by 188,000 in January, falling sharply from December's robust gain of 292,000. It would mark the first month that the figure dipped under 200,000 since September. The unemployment rate, meanwhile, is expected to remain unchanged at 5.0%.
Meanwhile Most economists, though, are more concerned with the pace of wage growth amid a pattern of muted hourly earnings over the last year. A major uptick in earnings could bolster wage push inflation and help the Federal Reserve move closer to fulfilling both legs of its dual mandate. Although Core PCE Inflation ticked up by 0.1 to 1.4% in January, it still remains considerably below the Fed's targeted objective of 2.0%. The Core PCE Index, which strips out volatile food and energy prices, is the Fed's preferred gauge for inflation.
Source : Investing
The safe haven currency pair traded in a broad range between 1.1070 and 1.1238, before settling at 1.1210, up 0.0106 or 1.04% on the session. As reported from Investing, The euro soared above 1.12 against the dollar for the first time since late-October, then held onto the gains to post its strongest two-day move since the August flash crash. Euro have a great time to get higher
EUR/USD has closed higher in each of the last four sessions, jumping more than 3.3% from last Friday's lows after the Bank of Japan propped up the dollar with a surprising decision to push interest rates into negative territory.
Safe haven currency pair EUR/USD likely gained support at 1.0538, the low from December 3 and was met with resistance at 1.1496, the high from Oct. 15.
The most awaiting economic data is coming from America, Initial U.S. jobless claims last week, according to government reports released on Thursday, rose 8,000 to 285,000 for the week ending on Jan. 30, slightly above consensus' estimates of 280,000. New claims continued to trend higher, as the four-week average increased to 284,750, up approximately by 5,000 from the same level a month ago. While continuing claims fell considerably to 2.255 million for the week ending on Jan. 23, the four-week average moved higher for the fourth consecutive week.
Investors and forex traders opinion, The downbeat data will likely temper analysts' optimism heading into Friday morning's U.S. jobs report for the month of January. The Labor Department's Bureau of Labor Statistics is expected to report that nonfarm payrolls increased by 188,000 in January, falling sharply from December's robust gain of 292,000. It would mark the first month that the figure dipped under 200,000 since September. The unemployment rate, meanwhile, is expected to remain unchanged at 5.0%.
Meanwhile Most economists, though, are more concerned with the pace of wage growth amid a pattern of muted hourly earnings over the last year. A major uptick in earnings could bolster wage push inflation and help the Federal Reserve move closer to fulfilling both legs of its dual mandate. Although Core PCE Inflation ticked up by 0.1 to 1.4% in January, it still remains considerably below the Fed's targeted objective of 2.0%. The Core PCE Index, which strips out volatile food and energy prices, is the Fed's preferred gauge for inflation.
Source : Investing
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