The EUR/USD pair has descended below its three-week lows.
On Wednesday, the primary currency pair continues its downward trend, with the current EUR/USD exchange rate at 1.0793.
Bullish activity in the USD is making a comeback. Attention is shifting not just to the Fed’s interest rate but also to the ECB’s rate. Earlier, ECB representatives mentioned that inflation in the eurozone is under control, reducing the impetus for further tightening.
Market focus is now on US employment statistics. The initial report, private sector payrolls for November, is due today. However, investor anticipation is primarily directed at the NFP (Nonfarm Payrolls) report scheduled for Friday, seen as one of the most compelling indicators of economic health.
Expectations for this report are optimistic, with an anticipated creation of 180 thousand new jobs. If this projection materializes, it would surpass the previous report. The unemployment rate in November is expected to hold steady at 3.9%.
A robust NFP figure would affirm that the Federal Reserve’s monetary policy remains effective, potentially offering robust support for the USD.
The post EUR/USD Deepens Decline: Overview for December 06, 2023 appeared first at R Blog – RoboForex.