EURUSD: The decline and impact of the USD
The EUR/USD pair experienced a rebound during the late American session on Thursday, but was unable to maintain stability above 1.0900. The upcoming June labor market data from the US has the potential to spark significant movement in the pair before the weekend.
The US Dollar gained strength against its competitors, causing the EUR/USD to drop below 1.0840 after positive data releases. The monthly ADP report revealed a noteworthy increase of 497,000 in private sector payrolls for June, while the ISM Services PMI improved from 50.3 to 53.9, indicating a surge in growth momentum within the service sector.
It is predicted that nonfarm payrolls in the US will rise by 225,000 in June, with the unemployment rate expected to slightly decrease from 3.7% to 3.6%.
The US Dollar gained strength against its competitors, causing the EUR/USD to drop below 1.0840 after positive data releases. The monthly ADP report revealed a noteworthy increase of 497,000 in private sector payrolls for June, while the ISM Services PMI improved from 50.3 to 53.9, indicating a surge in growth momentum within the service sector.
It is predicted that nonfarm payrolls in the US will rise by 225,000 in June, with the unemployment rate expected to slightly decrease from 3.7% to 3.6%.
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