EUR/USD has broken below 0.99. Economists at Commerzbank expect the world’s most popular currency pair to extend its downfall if the European Central Bank (ECB) disappoints markets.
How to interpret the NFP data?
“The unemployment rose because more employees were interested in taking up work. However, job growth remained very strong. Everything all told, the report paints the picture of a small slowing of employment growth, according to our experts – i.e. things are calming down a little. So there is no reason to question the Fed’s approach and sell the dollar as a result.”
“For now, all eyes are on the ECB and the question whether it will deliver on Thursday or not. If the ECB were to disappoint, we see scope for a correction in the euro, as market expectations have gone a long way.”
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