EUR/USD bounces off fresh lows, retakes 1.1850 post-NFP

EUR/USD rebounds from lows near the 1.18 mark.
US Non-farm Payrolls rose by 850K jobs in June.
The unemployment rate ticked higher to 5.9%.

Pablo Piovano FXStreet

EUR/USD trims initial losses and regains the 1.1840/50 band in the wake of US NFP.

EUR/USD turns positive above 1.1850

EUR/USD regains the smile on Friday after the US economy created 850K jobs during June, bettering expectations for a gain of 700K jobs. The May’s reading was revised to 583K (from 559K).

Further data showed the jobless rate rose to 5.9% and the critical Average Hourly Earnings – a proxy for inflation via wages – rose 0.3% MoM and expanded 3.6% over the last twelve months. Another key gauge, the Participation Rate, remained unchanged at 61.6%.

Other than Payrolls, the final trade deficit came in at $71.20 billion for the month of May.

EUR/USD levels to watch

So far, spot is up 0.04% at 1.1851 and a break below 1.1807 (monthly low Jul.2) would target 1.1762 (78.6% Fibo of the November-January rally) and route to 1.1704 (2021 low Mar.31). On the other hand, the next resistance emerges at 1.1975 (weekly high Jun.25) followed by 1.1996 (200-day SMA) and finally 1.2000 (psychological level).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.