EUR/USD Forecast: Poor US employment-related data undermines dollar’s demand by ValBednarik EURUSD Euro USDollar
FX board, weaker against commodity-linked currencies but grinding higher vs its European rivals. Financial markets are quieter on Thursday, with European stocks struggling for direction but stuck around their opening levels., which was confirmed at 5% YoY, while the core reading met the preliminary estimate posting 2.6%.
The US published Initial Jobless Claims for the week ended January 7, which unexpectedly jumped to 286K, much worse than the 220K expected. The Philadelphia Fed Manufacturing Survey surged from 15.4 to 23.2 in January, beating expectations. The news put some pressure on the greenback, now recovering from its daily low at 1.1330.could resume its decline in the upcoming sessions, as there are no technical signs of buying interest.
In the near term, and according to the 4-hour chart, the pair maintains a neutral-to-bearish stance, trading below a firmly bearish 20 SMA but between directionless 100 and 200 SMA. Technical indicators, in the meantime, remain within negative levels, the Momentum advancing but the RSI flat at around 44.
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