The post EUR/USD extends bounce against wavering Greenback appeared on BitcoinEthereumNews.com.

EUR/USD rose on Thursday, climbing back over 1.1100. Gains remain limited after miss in EU Retail Sales. US NFP print due on Friday takes the center stage for the week. EUR/USD stepped into a second straight day of gains on Thursday, recapturing the 1.1100 handle as markets broadly sell off the Greenback in advance of Friday’s hotly-anticipated US Nonfarm Payrolls (NFP) jobs report. Markets are looking for further signs that the Federal Reserve (Fed) is on pace to deliver an initial rate trim and kick off a rate cutting cycle in September, but US data will need to continue softening to keep rate cut hopes on the high side. European economic data did little to provide additional support for the Fiber after July’s EU Retail Sales missed the mark. YoY Retail Sales came in worse than expected, printing at -0.1% for the year ended in July and missing the expected rebound to 0.1% compared to the revised last -0.4% contraction. According to payroll processor ADP, the US added 99K net new jobs in August, down from July’s revised 111K and well below the expected 145K. August’s ADP additions are the lowest print since early 2021, sparking a fresh round of risk aversion and reigniting investor concerns that the US could be heading into a recession. The ADP jobs report serves as a bellwether for what markets can expect from Friday’s upcoming US NFP report, albeit one with a wobbly track record for accuracy. August’s NFP print represents the last significant labor update before the Federal Reserve’s (Fed) upcoming rate call on September 18, when Fed policymakers are broadly expected to kick off a rate-cutting cycle.  Friday’s NFP print is slated to come in at 160K compared to the previous month’s 114K.  According to the CME, rate markets are currently betting…

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Filed under: News - @ September 5, 2024 11:23 pm