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8 May 2015
EUR/USD hovering around 1.1200
FXStreet (Córdoba) - EUR/USD dropped to test daily lows but rebounded and rose back above 1.1200. The pair is moving sideways, without a clear trend, consolidating around 1.1200.
After the release of the US employment report the pair climbed to 1.1290 but bounced to the downside and dropped finding support around 1.1180.
USD consolidates after NFP
The NFP report showed an increase of 223K jobs in April, slightly below expectations while the unemployment rate dropped to 5.4%, the lowest level since May 2008. “The data does not challenge the Fed's views as outlined in the latest FOMC statement. It expects the headwinds on the US economy to diminish and for the economic growth to strengthen. It forecasts above trend growth this year”, wrote Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman.
Some analysts point out that the job numbers were not bad, but not good enough to lift expectations for a rate hike by the Federal Reserve in the short term, limiting the bullish scope of the dollar and the decline of EUR/USD.
After the release of the US employment report the pair climbed to 1.1290 but bounced to the downside and dropped finding support around 1.1180.
USD consolidates after NFP
The NFP report showed an increase of 223K jobs in April, slightly below expectations while the unemployment rate dropped to 5.4%, the lowest level since May 2008. “The data does not challenge the Fed's views as outlined in the latest FOMC statement. It expects the headwinds on the US economy to diminish and for the economic growth to strengthen. It forecasts above trend growth this year”, wrote Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman.
Some analysts point out that the job numbers were not bad, but not good enough to lift expectations for a rate hike by the Federal Reserve in the short term, limiting the bullish scope of the dollar and the decline of EUR/USD.