EUR/USD drove back to the top end of recent consolidation on Thursday, recovering chart territory north of the 1.0700 handle as market risk appetite regains balance heading into another US Nonfarm Payrolls (NFP) Friday.
EUR/USD rebounds into high side of near-term range. US NFP labor figures to be pivotal data point this week. Investors looking for easing labor and slowing wages to bolster rate cut chances. EUR/USD drove back to the top end of recent consolidation on Thursday, recovering chart territory north of the 1.0700 handle as market risk appetite regains balance heading into another US Nonfarm Payrolls Friday.
US Average Hourly Earnings in April are also forecast to hold steady at 0.3% MoM, with wage growth a key fear point for inflationary pressures. At current cut, the rate markets are expecting a first quarter-point trim from the Fed in September, with 62% odds of at least a 25 basis point reduction according to the CME’s FedWatch Tool. EUR/USD technical outlook EUR/USD is back into the top side of recent consolidation, testing into the bottom end of a supply zone between 1.0750 and 1.0720.
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