EUR/USD 1.16150
0.233%
Gold 4471.14
1.896%
Oil 90.230
1.250%
USD/JPY 155.720
-1.881%
GBP/USD 1.35017
0.122%
GBP/JPY 210.257
-1.761%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
September 3 - Nepals National Disaster Risk Reduction Authority posted on social media that as of 7 p.m. local time that day, 1,259 bodies had been recovered in the landslide-affected areas of the country, and 5,083 people remained missing.September 3 – France is bracing for its fifth heatwave of the year. This extreme heat has devastated forests, dampened the peak tourist season, and destroyed crops in Europes largest agricultural producer. Virginie Schwarz, CEO of the French Meteorological Service, stated that France has experienced its hottest summer on record, with the longest heatwave on record, including 53 days of extreme heat this year. France has also suffered severe drought and forest fires, with over 96,000 hectares of vegetation already burned, more than 2.5 times the area burned in all of 2025. French Ecology Minister Monique Barbut stated that this years heatwave could cost France over €15 billion ($17.3 billion). France plans to announce a multi-million euro aid package in the coming days to compensate farmers who suffered severe crop losses due to drought and the heatwave this summer.September 3rd - According to Politico, German Defense Minister Pistorius will meet with US Defense Secretary Hergses in Washington this month. This is an unexpected turn of events, as Hergses had previously declined Pistoriuss request to visit earlier this year. Two informed NATO defense officials and a US defense official revealed that Pistorius will attend the rollout ceremony of the F-35 fighter jets purchased by Germany during his visit to the US and will hold talks with Hergses. Given Hergses previous refusal to meet with Pistorius, and the tense relations between the US and Germany due to the wars in Iran and Ukraine, this meeting is of great significance.French unions have called for civil servants to strike on September 29.September 3rd - Data released today shows that the S&P Global Services PMI rose to 56.5 in August from 54.6, lower than the preliminary reading of 56.8, but still recorded a significant increase, reaching its highest level since December 2024. While service sector activity grew strongly, manufacturing continued to grow, albeit at a slower pace. The survey data suggests that the US economy is currently outperforming other global economies. Meanwhile, the Institute for Supply Management (ISM) Services PMI rose to 55.4 in August from 54.1, higher than the expected 54.1, reaching its highest level since February 2026. Usamah Bhatti, an economist at S&P Global Market Intelligence, stated, "The faster growth in overall private sector business activity in August signals a clear shift and acceleration in the US economy. However, supply delays remain high, particularly for manufacturers, and overall price pressures remain above historical averages."

EUR/USD Expects Fourth Weekly Gains Above 1.0900 Despite The US Dollar's Rebound Advance Ahead Of US NFP

Daniel Rogers

Apr 07, 2023 11:42

 EUR:USD.png

 

Despite a recent retreat, the EUR/USD bulls maintain control around 1.0920. This reflects the typical Good Friday inactivity and apprehension ahead of the US Nonfarm Payrolls (NFP) report released early in the day. The major currency pair was volatile on Thursday as a result of the US Dollar's initial rebound on fears of a recession, but ended the day unchanged as disappointing US data contrasted with stronger Eurozone data.

 

Fears of a recession in the world's largest economy were prompted by consecutive lackluster US data and falling US Treasury bond yields, giving USD bears a reprieve on Thursday morning. As traders prepared for the all-important NFP, the dollar's subsequent gains were reversed by another disappointing US employment report.

 

Despite this, US Initial Jobless Claims for the week ending March 31 rose to 228K from 200K anticipated and an upwardly revised 246K the prior week. Notable is the increase in Challenger Job Cuts from 77,77K to 89,703K in the given month.

 

Notably, Reuters fanned fears of a recession by citing the most recent decline in the preferred bond market indicator of Federal Reserve (Fed) Chairman Jerome Powell. The most reliable bond market indicator of an imminent economic contraction, according to Federal Reserve research, is the "near-term forward spread" between the forward rate on Treasury bills 18 months from now and the current yield on three-month Treasury bills.

 

According to Reuters, International Monetary Fund (IMF) Managing Director Kristalina Georgieva stated in prepared remarks on Thursday that the global economy is projected to expand by less than 3% in 2023, a decrease from 3.4% in 2022.

 

In other news, Germany's Industrial Production (IP) increased 0.6% year-over-year in February, versus market predictions of -2.7% and previous readings of -1.7%. Additionally, the monthly figures exceeded expectations by 0.1%, coming in at 2.0% compared to 3.7% previously. On Wednesday, Germany Factory Orders for February improved to -5.7% YoY from -12.0% previously revised down and -10.5% market expectations, while MoM growth came in at 4.8% compared to 0.3% expected and 0.5% previous readings.

 

Wall Street and US Treasury bond yields have both reduced weekly losses as a result of these strategies, but investors remain skeptical.

 

In the context of less liquidity surrounding the March US employment report, sporadic activity on the major markets can keep the EUR/USD inactive and prone to abrupt price swings. Notable is the fact that recent dovish Fed forecasts and disappointing US data generate expectations for a positive surprise and enormous price volatility thereafter.


Suggestion