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- EUR/USD bulls retreat into NFP
EUR/USD bulls retreat into NFP
- EUR/USD treads water ahead of key US data inputs.
- The focus at this point is the pivotal Nonfarm Payrolls.
EUR/USD is topping the extreme of the day in late New York in holiday calmness. The pair is currently trading at 1.0930 at hourly resistance. The pair has traveled between a low of 1.0884 and a high of 1.0937. The focus at this point is the pivotal Nonfarm Payrolls and the impact of the Federal Reserve´s policy.
The greenback has been pressured of late following a week of troublesome data. As a prelude, the ADP National Employment report showed US private employers hired fewer workers than expected in March, suggesting a cooling labor market. Private employment increased by 145,000 jobs last month, while economists polled by Reuters had forecast private employment increasing by 200,000, Reuters reported. Additionally, the ISM's Non-Manufacturing index dropped to 51.2 in March from 55.1 in February. The services sector's employment indicator slid as well to 45.8 from 47.6 in February.
Looking ahead the focus will be on US inflation and analysts at TD Securities said ´´core prices likely cooled off modestly in March, with the index still rising a strong 0.4% MoM as we look for recent relief from goods deflation to turn into inflation this month.´´
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