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EURUSD continued its rebound on Monday morning in the European session and recorded the second consecutive daily rise as part of the recovery from its lowest level in three months recorded earlier in online trading.
The announcement of mixed data on the US labor sector, which reduced expectations that the Federal Reserve will tighten monetary policy soon.
In this morning’s trading, EURUSD traded at the level of $1.1877, up 0.2% from the opening level of today’s session at $1.1857, after it closed last Friday’s trading, adding more than 0.1%, recovering from its lowest level in three months at $1.1806, which Recorded earlier in the transaction.
The single currency recorded last week the fourth consecutive weekly decline at the end of trading on Friday, with losses estimated at 0.6% against the US dollar. This comes in light of investors’ aversion to risk and their desire to buy the US currency as the best safe and alternative investment.
The US dollar settled against most of the major currencies with a bearish bias, after mixed business data reduced the chances of the Federal Reserve starting to move towards taking steps to tighten monetary policy.
The dollar index traded at 92.317 points, after declining by 0.1% from the opening level of the session, moving away from its highest level in three months, 92.74 points.
The US labor market is shrinking as more states reopen after the relatively successful vaccine rollout. The Bureau of Labor Statistics said the economy added more than 850,000 jobs in June after adding more than 559,000 jobs in May. This increase was better than the median estimate. The 700,000 mark was also better than the ADP’s estimate of 685K.
As a result, the unemployment rate rose from 5.8% in May to 5.9% in June. Additionally, wages continued to perform well in June as companies continued to compete for employees, with average hourly wages rising from 1.9% to 3.6%.
Professional Trader and Analyst, economist in Financial and Forex market since 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.
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