The post EUR/USD lurches higher after US data dumps Greenback appeared on BitcoinEthereumNews.com.

EUR/USD drifts into the upside as Greenback flows reverse course. US data broadly misses the mark, sparking risk appetite on rate cut hopes. US holiday looms ahead of Friday’s NFP US data dump. EUR/USD found a leg up on Wednesday, climbing briefly above the 1.0800 handle after a broad miss in US economic figures hinted at further signs of a weakening US economy, sparking fresh hopes for an accelerated pace of rate cuts from the Federal Reserve (Fed) and markets flowing out of the safe haven US Dollar. Forex Today: The UK’s Labour Party is aiming for a landslide victory European data also came in mixed early Thursday, with the pan-EU HCOB Purchasing Managers Index (PMI) ticking up to 50.9 MoM in June compared to the forecast hold at 50.8. The EU-wide Producer Price Index contracted more sharply than expected in May, falling -0.2% MoM versus the forecast hold at -0.1%. The US ADP Employment Change dropped to 150K in June, down from the previous month’s 157K and missing the forecasted increase to 160K. The ADP report also revealed that many of the reduced job additions were concentrated in lower-paying leisure and hospitality industries. Additionally, US Initial Jobless Claims increased for the week ending June 28, rising to 238K compared to the previous week’s 233K, surpassing the forecast of 235K. The four-week average of Initial Jobless Claims also rose to 238.5K from 236.25K. Finally, the US ISM Services Purchasing Managers Index (PMI) sharply contracted to 48.8 in June, marking its lowest level since June 2020. The ISM Services PMI decreased from the previous month’s 53.8, falling short of the forecasted decline to 52.5. US markets will be dark on Thursday as the US takes the Independence Day holiday, leaving Fiber traders to contend with German Factory Orders, forecast to rebound…

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Filed under: News - @ July 4, 2024 3:22 am