The EUR/USD pair continues its downward trajectory.
The primary currency pair is experiencing sustained pressure on Monday, with the current EUR/USD exchange rate at 1.0770.
The US dollar is undergoing a rapid appreciation. Following the comments from the Federal Reserve last week, investors have abandoned any expectations of an interest rate increase in March.
The January employment report released last Friday further strengthened the market’s confidence in the sustainability of the US economy.
Average hourly earnings increased by 0.6% month-on-month, surpassing the expected 0.3% rise. Non-farm payrolls (NFP) increased by 353 thousand, exceeding the forecasted 187 thousand. December’s reports were revised upwards to 333 thousand. The unemployment rate remained at 3.7%, although an increase to 3.8% had been anticipated.
The employment sector is remarkably robust, causing concern for the Federal Reserve.
The post USD Rally Takes Market by Surprise: Overview for February 05, 2024 appeared first at R Blog – RoboForex.