Fundamental Market Analysis for May 03, 2024 EURUSD
On Thursday, the EUR/USD returned to the upper boundary of the recent consolidation, regaining territory north of 1.07000 as market risk appetite rebalances ahead of Friday's US Non-Farm Payrolls (NFP) data.
With European economic data scarce on Friday, investors will focus on the US employment data due out early in the US market session. The US employment data, which is expected to show 243k net jobs in April, is slightly below the previous 12-month high of 303k. With the market betting on when and how often the US Federal Reserve (Fed) will cut interest rates, investors are hoping that the weakening pace of hiring will signal a slowdown in the US economy, which continues to grow at a faster rate than most of the developed world.
Trade recommendation: Watch the level of 1.07600, buy when it is consolidated
With European economic data scarce on Friday, investors will focus on the US employment data due out early in the US market session. The US employment data, which is expected to show 243k net jobs in April, is slightly below the previous 12-month high of 303k. With the market betting on when and how often the US Federal Reserve (Fed) will cut interest rates, investors are hoping that the weakening pace of hiring will signal a slowdown in the US economy, which continues to grow at a faster rate than most of the developed world.
Trade recommendation: Watch the level of 1.07600, buy when it is consolidated
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