The post EUR/USD clings to gains near 1.1100 driven by weak US JOLTS Job Openings appeared on BitcoinEthereumNews.com.

EUR/USD clings to recovery near 1.1100 as weak US Job Openings data pushes the US Dollar on the back foot. The major trigger for the US Dollar will be the August US NFP report on Friday. The ECB is almost certain to cut interest rates this month. EUR/USD holds onto Wednesday’s recovery slightly below the round-level resistance of 1.1100 in Thursday’s European session. The major currency pair bounced back sharply on Wednesday after the release of the weaker-than-projected United States (US) JOLTS Job Openings data for July boosted market expectations for the Federal Reserve (Fed) to begin the long-awaited policy-easing cycle aggressively. A sharp increase in market speculation for the Fed’s large interest rate cut this month weighed heavily on the US Dollar (USD). The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, extends its downside to near 101.20.  The JOLTS Job Openings data showed that job vacancies posted in July were lower at 7.67 million from a downwardly revised 7.91 million in June and below the estimates of 8.1 million. Weak job market data came in as red flags to the labor market.  For meaningful updates on current labor market conditions, investors await the US Nonfarm Payrolls (NFP) data for August, which will be published on Friday.  In today’s session, the US Dollar will be influenced by the ADP Employment Change and ISM Services Purchasing Managers Index (PMI) data for August, which will be published at 12:15 GMT and 14:00 GMT, respectively. Economists estimate that payrolls in the private sector rose by 145K from 122K in July. In the same period, activity in the service sector is projected to have expanded at a slower pace, with PMI coming in at 51.1 from the prior reading of 51.4. Upbeat private payrolls and Services PMI data…

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Filed under: News - @ September 5, 2024 8:23 am