EUR/USD at four-month lows after US Nonfarm Payrolls
|The EURUSD pair was down for the third consecutive day on Friday, and it was trading half a percent weaker during the US session, last seen hovering at around 1.19.
Earlier in the day, the BLS (Bureau of Labor Statistics) reported that, as expected, the jobs picture improved dramatically in February. The US added a whopping 379,000 jobs, nearly double the 198,000 consensus estimate.
However, there was a catch: About 75% of the jobs added in February were waiters and bartenders (+286,000), meaning only low-wage and less skilled jobs were created.
The unemployment rate also improved, from 6.3% to 6.2%, also beating expectations of an unchanged print.
Nevertheless, it was enough to send the US yields sharply higher again, with the 10-year yield rising above 1.6%. Advancing yields are usually bullish for the USD, and the USDJPY pair is up nearly every day.
The EURUSD pair broke below the key support of 1.1950, and as long as it trades below that level, the short-term outlook seems bearish.
Another target for bears could be near 1.1780, and rallies are expected to be sold over the next few days.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.