EUR/USD loses key technical handle after US Jobs Report thumps forecasts.
US NFP hits highest level in a year, March rate cut hopes all but buried.
US Average Hourly Earnings also gained ground in January.
EUR/USD continues to churn on Friday, keeping a near-term choppy technical pattern intact as the Euro (EUR) cycles against the US Dollar (USD).
US Nonfarm Payrolls wildly outperformed market expectations, hitting a one-year high and bringing sharp upside revisions to previous datapoints. Investors hoping for faster, sooner rate cuts from the US Federal Reserve (Fed) have seen rate cut hopes dwindle as the US domestic economy continues to surprise with its sturdiness.
Daily digest market movers: EUR/USD back into familiar lows as cyclical pattern drags the pair down.
EUR/USD climbed into 1.0900 early Friday before getting dragged back down post-NFP.
US Nonfarm Payrolls climbed to 353K in January, vaulting well over the forecast 180K.
December’s NFP figure also saw a sharp upside revision to 333K from 216K.
YoY US Average Hourly Earnings also gained in January, coming in at 4.5% versus the forecast 4.1% and the previous period’s 4.4% (revised upwards from 4.1%).
MoM US Average Hourly Earnings climbed 0.6% in January versus the forecast 0.3%, 0.4% last.
US Unemployment Rate held steady at 3.7% in January; markets expected a tick upwards to 3.8%.
Michigan Consumer Sentiment Index gained to 79.0, above the forecast 78.9 and climbing further above the previous month’s 78.8
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