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Daily Market Analysis By FXOpen
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[QUOTE="FXOpen Trader, post: 339904, member: 104606"] [B][SIZE=5]EUR/USD Hits 8-week High[/SIZE][/B] [img]https://i.imgur.com/eQOVr2k.jpeg[/img] The euro is trading above USD 1.09, hitting its strongest point since mid-January on Friday, helped by news from both the US and Europe. Friday's news showed that the US labor market is weakening: → The change in employment in the non-farm sector showed an increase in jobs = 275k for the month, although last month it was = +353k. → The unemployment rate rose to 3.9%, although it was 3.7% for 3 months. News of a weakening labour market could put pressure on the Fed to ease monetary policy. Meanwhile in Europe, the ECB kept borrowing costs at a record high, citing significant progress in containing inflation, and revised its inflation expectations downward, forecasting price growth of 2.3% in 2024, and 1.9% in 2025. And during a press conference last Thursday, ECB President Lagarde told reporters that policymakers had not discussed rate cuts at that meeting. Thus, there is reason to believe that the Fed will start lowering rates earlier (it started raising them earlier than the ECB). And this assumption is shared by many market participants, judging by the bullish dynamics in the EUR/USD market. [img]https://i.imgur.com/u0it3Qs.png[/img] [B][URL="https://fxopen.com/blog/en/oa-eur-usd-hits-8-week-high/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve"]TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG[/URL][/B] [I][B]Disclaimer:[/B] This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. [/I] [/QUOTE]
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