EURUSD Soft Despite Rising Inflation, USD Shrugs Off Mixed NFP - US Market Open
MARKET DEVELOPMENT – FX Pairs Trading in Tight Ranges
USD: Tight trading ranges has been the state of play with major USD pairs, despite the release of the NFP report. (full story) The fact of the matter remains the same, the Fed are on pause for the foreseeable, thus diminishing the impact that the jobs data has had on FX markets.
EUR: The Euro trades with marginal losses as we close out the week. The currency had been largely unfazed by the uptick in Eurozone inflation, which saw the core rate jump to a 6-month high, however, seasonal factors stemming from Easter had been at hand for the uptick. As such, a persistent move higher would be needed to encourage the ECB.
Source: Thomson Reuters, DailyFX
DailyFX Economic Calendar: – North American Releases
WHAT’S DRIVING MARKETS TODAY
- “Gold Price May Decline Quickly; Euro & Other Charts to Watch Next Week” by Paul Robinson, Currency Strategist
- “US Dollar Rally Needs a Fresh Boost From US Payrolls Report (NFPs)” by Nick Cawley, Market Analyst
- “Gold Rate Outlook: Retesting 2019 Lows, Eyes on NFP Report” by Justin McQueen, Market Analyst
- “Using FX To Effectively Trade Global Market Themes at IG” by Tyler Yell, CMT , Forex Trading Instructor
--- Written by Justin McQueen, Market Analyst
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