The EUR/USD pair fell to the lower end of its weekly range, extending the slide by a few pips yet holding above the 1.0700 mark during the European session.
EUR/USD Current price: 1.0760 United States Initial Jobless Claims unexpectedly jumped to 231K at the beginning of May. Market players await clearer clues before compromising with a specific direction. EUR/USD bounced from fresh weekly lows but lacks enough momentum. The US Dollar benefited from a souring market mood, as reflected by the poor performance of global equities. Wall Street closed mixed on Wednesday, leading to choppy trading and further uncertainty in its Asian and European rivals.
As for the US, the country released Initial Jobless Claims for the week ended May 3, which unexpectedly jumped to 231K, much worse than the 210K anticipated. The USD shed some ground with the news, with EUR/USD recovering to the 1.0760 region. EUR/USD short-term technical outlook From a technical point of view, the EUR/USD pair maintains a neutral stance. It had turned positive for the day but lacks momentum enough to confirm a continued advance in the upcoming session.
Recommended Fed Employment Sentiment
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US Dollar Forecast: Bearish Market Signals Emerge – Setups on EUR/USD, GBP/USDThis article takes a thorough look at the fundamental and technical outlook for the U.S. dollar, analyzing potential scenarios that could manifest in the short run. Especial attention is given to two key pairs: EUR/USD and GBP/USD.
Read more »
EUR/USD Weekly Forecast: Optimism prevailed, hurting US Dollar demandThe EUR/USD pair advanced for a third consecutive week, accumulating a measly 160 pips in that period.
Read more »
EUR/USD Forecast: US Dollar advances as markets anticipate a hawkish FedThe EUR/USD pair keeps trading within familiar levels around the 1.0700 mark as market players refrain from placing strong bets ahead of first-tier United States (US) events.
Read more »
EUR/USD Forecast: US Dollar soars as markets turn risk-averseThe EUR/USD pair surged to 1.0729 during European trading hours, retaining gains and developing above the 1.0700 threshold ahead of the critical United States (US) Gross Domestic Product (GDP) report.
Read more »
US Dollar Forecast: Markets Await US GDP & Core PCE - EUR/USD, USD/JPY, GBP/USDThis article focuses on the fundamental and technical outlook for the US dollar across three key pairs: EUR/USD, USD/JPY and GBP/USD. In the piece, we also explore sentiment and price action dynamics ahead of major US economic releases in the week ahead.
Read more »
EUR/USD Weekly Forecast: The return of King DollarThe US Dollar (USD) soared this week, sending EUR/USD to its lowest since November.
Read more »