The US Dollar changed course on Thursday, trimming the Federal Reserve’s inspired losses and even reaching fresh weekly highs against other major currencies.
EUR/USD Current price: 1.0796 Eurozone’s manufacturing sector started the third quarter on the back foot, according to HCOB. Tepid United States employment-related figures put modest pressure on the US Dollar. EUR/USD under pressure and poised to reach fresh multi-week lows. The EUR/USD pair fell to 1.0776 during European trading hours, its lowest in three weeks.
Additionally, US-based employers announced 25,885 job cuts in July, a 47% decrease from the 48,786 cuts announced one month prior, according to the Challenger Job Cuts report, while hiring fell to its lowest point in over a decade. Finally, Nonfarm Productivity rose 2.3% in the second quarter of the year, while Unit Labor Cost in the same period printed at 0.9%, much lower than the previous 3.8%. The US Dollar edged lower with the news, and EUR/USD recovered the 1.0800 threshold.
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