EUR/USD comes under pressure post-NFP, revisits 1.0170

EUR/USD sparks a deeper correction following July’s NFP.
US Non-farm Payrolls rose by 528K jobs in July.
The unemployment rate ticked lower to 3.5%.

Pablo Piovano FXStreet

EUR/USD saw its downside accelerated to the 1.0170 region in the wake of the publication of the US jobs report for the month of July.

EUR/USD weaker on solid US jobs report

EUR/USD remains on the defensive on Friday after US Nonfarm Payrolls showed the US economy added 528K jobs during July, more than doubling the consensus for a gain of 250K jobs. The June’s reading was revised up to 398K (from 384K).

Further data saw the Unemployment Rate improve to 3.5% and the key Average Hourly Earnings – a proxy for inflation via wages – rise 0.5% MoM and 5.2% vs. the same month of 2021. Additionally, the Participation Rate, eased a tad to 62.1%.

EUR/USD levels to watch

So far, spot is retreating 0.71% at 1.0173 and faces the next contention at 1.0096 (weekly low July 26) followed by 1.0000 (psychological level) and finally 0.9952 (2022 low July 14). On the other hand, the breakout of 1.0293 (monthly high August 2) would target 1.0404 (55-day SMA) en route to 1.0615 (weekly high June 27).

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 keeps the rangebound trade near 1.1850

EUR/USD is still under pressure, drifting back towards the 1.1850 area as Monday’s session draws to a close. The modest decline in spot comes as the US Dollar picks up a bit of support, while thin liquidity and muted volatility, thanks to the US market holiday, are exaggerating price swings and keeping trading conditions choppy.

GBP/USD flirts with daily lows near 1.3630

GBP/USD has quickly given back Friday’s solid gains, turning lower at the start of the week and drifting back towards the 1.3630 area. The focus now shifts squarely to Tuesday’s UK labour market report, which is likely to keep the quid firmly in the spotlight and could set the tone for Cable’s next move.

Gold battle around $5,000 continues

Gold is giving back part of Friday’s sharp rebound, deflating below the key $5,000 mark per troy ounce as the new week gets underway. Modest gains in the US Dollar are keeping the metal in check, while thin trading conditions, due to the Presidents Day holiday in the US, are adding to the choppy and hesitant tone across markets.

AI Crypto Update: Bittensor eyes breakout as AI tokens falter

The artificial intelligence (AI) cryptocurrency segment is witnessing heightened volatility, with top tokens such as Near Protocol (NEAR) struggling to gain traction amid the persistent decline in January and February.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.