EUR/USD SHEDS 1.0900 ONCE AGAIN AS US NFP SENDS GREENBACK HIGHER 2 February 2024, 19:49
EUR/USD loses key technical handle after US Jobs Report thumps forecasts.
US NFP hits highest level in a year, March rate cut hopes all but buried.
US Average Hourly Earnings also gained ground in January.
EUR/USD continues to churn on Friday, keeping a near-term choppy technical pattern intact as the Euro (EUR) cycles against the US Dollar (USD).
US Nonfarm Payrolls wildly outperformed market expectations, hitting a one-year high and bringing sharp upside revisions to previous datapoints. Investors hoping for faster, sooner rate cuts from the US Federal Reserve (Fed) have seen rate cut hopes dwindle as the US domestic economy continues to surprise with its sturdiness.
Daily digest market movers: EUR/USD back into familiar lows as cyclical pattern drags the pair down.
EUR/USD climbed into 1.0900 early Friday before getting dragged back down post-NFP.
US Nonfarm Payrolls climbed to 353K in January, vaulting well over the forecast 180K.
December’s NFP figure also saw a sharp upside revision to 333K from 216K.
YoY US Average Hourly Earnings also gained in January, coming in at 4.5% versus the forecast 4.1% and the previous period’s 4.4% (revised upwards from 4.1%).
MoM US Average Hourly Earnings climbed 0.6% in January versus the forecast 0.3%, 0.4% last.
US Unemployment Rate held steady at 3.7% in January; markets expected a tick upwards to 3.8%.
Michigan Consumer Sentiment Index gained to 79.0, above the forecast 78.9 and climbing further above the previous month’s 78.8.
Euro price today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the Japanese Yen.
USD EUR GBP CAD AUD JPY NZD CHF
USD 0.82% 0.97% 0.62% 1.02% 1.35% 1.30% 1.16%
EUR -0.82% 0.17% -0.21% 0.19% 0.52% 0.50% 0.32%
GBP -0.96% -0.15% -0.32% 0.06% 0.38% 0.33% 0.20%
CAD -0.64% 0.18% 0.34% 0.39% 0.72% 0.67% 0.51%
AUD -1.01% -0.19% -0.02% -0.36% 0.32% 0.31% 0.12%
JPY -1.37% -0.51% -0.34% -0.74% -0.33% 0.01% -0.20%
NZD -1.32% -0.50% -0.33% -0.71% -0.31% 0.00% -0.15%
CHF -1.16% -0.32% -0.15% -0.52% -0.12% 0.20% 0.18%
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).
Technical analysis: EUR/USD steeply off recent highs as whipsaw pattern remains
EUR/USD came within touching distance of 1.0900 early Friday, but the pair got dragged back into familiar lows below 1.0800 near 1. 0780.
Friday’s bearish action sees the EUR/USD tumble out of a familiar consolidation zone between the 200-day and 50-day Simple Moving Averages (SMA), between 1.0900 and 1.0850.
The EUR/USD continues to drift into the low side in choppy trading, and the pair is down over 3% from December’s swing high into 1.1140.
The Euro is the currency for the 20 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day.
EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY (4%), EUR/GBP (3%) and EUR/AUD (2%).
EUR/USD loses key technical handle after US Jobs Report thumps forecasts.
US NFP hits highest level in a year, March rate cut hopes all but buried.
US Average Hourly Earnings also gained ground in January.
EUR/USD continues to churn on Friday, keeping a near-term choppy technical pattern intact as the Euro (EUR) cycles against the US Dollar (USD).
US Nonfarm Payrolls wildly outperformed market expectations, hitting a one-year high and bringing sharp upside revisions to previous datapoints. Investors hoping for faster, sooner rate cuts from the US Federal Reserve (Fed) have seen rate cut hopes dwindle as the US domestic economy continues to surprise with its sturdiness.
Daily digest market movers: EUR/USD back into familiar lows as cyclical pattern drags the pair down.
EUR/USD climbed into 1.0900 early Friday before getting dragged back down post-NFP.
US Nonfarm Payrolls climbed to 353K in January, vaulting well over the forecast 180K.
December’s NFP figure also saw a sharp upside revision to 333K from 216K.
YoY US Average Hourly Earnings also gained in January, coming in at 4.5% versus the forecast 4.1% and the previous period’s 4.4% (revised upwards from 4.1%).
MoM US Average Hourly Earnings climbed 0.6% in January versus the forecast 0.3%, 0.4% last.
US Unemployment Rate held steady at 3.7% in January; markets expected a tick upwards to 3.8%.
Michigan Consumer Sentiment Index gained to 79.0, above the forecast 78.9 and climbing further above the previous month’s 78.8.
Euro price today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the Japanese Yen.
USD EUR GBP CAD AUD JPY NZD CHF
USD 0.82% 0.97% 0.62% 1.02% 1.35% 1.30% 1.16%
EUR -0.82% 0.17% -0.21% 0.19% 0.52% 0.50% 0.32%
GBP -0.96% -0.15% -0.32% 0.06% 0.38% 0.33% 0.20%
CAD -0.64% 0.18% 0.34% 0.39% 0.72% 0.67% 0.51%
AUD -1.01% -0.19% -0.02% -0.36% 0.32% 0.31% 0.12%
JPY -1.37% -0.51% -0.34% -0.74% -0.33% 0.01% -0.20%
NZD -1.32% -0.50% -0.33% -0.71% -0.31% 0.00% -0.15%
CHF -1.16% -0.32% -0.15% -0.52% -0.12% 0.20% 0.18%
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).
Technical analysis: EUR/USD steeply off recent highs as whipsaw pattern remains
EUR/USD came within touching distance of 1.0900 early Friday, but the pair got dragged back into familiar lows below 1.0800 near 1. 0780.
Friday’s bearish action sees the EUR/USD tumble out of a familiar consolidation zone between the 200-day and 50-day Simple Moving Averages (SMA), between 1.0900 and 1.0850.
The EUR/USD continues to drift into the low side in choppy trading, and the pair is down over 3% from December’s swing high into 1.1140.
The Euro is the currency for the 20 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day.
EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY (4%), EUR/GBP (3%) and EUR/AUD (2%).
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