EUR/USD has been unable to sustain gains following the upbeat US jobs figures as the pair looks directionless around 1.1230 on Friday while concern about America's rising coronavirus cases is central amid the long US weekend, FXStreet’s analyst Yohay Elam briefs.

Key quotes

“Concerns about coronavirus ravaging the US – with a record 55,000 cases on Thursday – seem to outweigh the surge of 4.8 million job gains in June's Nonfarm Payrolls report. The safe-haven US dollar is moving back up, keeping a lid on EUR/USD.”

“Trump did come out to the press and touted the upbeat Nonfarm Payrolls figures for June. Around 4.8 million people went back to work, better than three million expected. However, these are mostly temporary jobs that were restored. The percentage of permanent position losses rose from 11.4% to 21.4%. And perhaps more importantly – the figures were taken on the week ending June 12 – just before the disease began lifting its ugly head.” 

“Dutch Prime Minister Mark Rutte expressed hope that a compromise will be reached. His country is one of the ‘Frugal Four’ opposing handing grants mutually funded by member states.” 

“Markit's final Services Purchasing Managers' Indexes for June will likely confirm the slow recovery – with milder contractions than beforehand. Spain's services PMI surprised with 50.2 points, better than 45.9 projected and indicating a return to growth.”


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.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD loses 1.1800 amid escalaing US-Sino tensions

EUR/USD dips sub-18 after the US reported an increase of 1.763 million jobs in July, better than estimated but pointing to a deceleration. Escalating Sino-American tensions are boosting the dollar and fiscal talks are eyed. 


GBP/USD resumes decline, weighed by UK concerns, US-China conflict

GBP/USD trades at fresh weekly lows below 1.3050 as the dollar got a sudden boost from mounting tensions between the world's two largest economies. UK Chancellor Rishi Sunak said the furlough scheme that is underpinning the economy cannot last forever.


Gold: Meteoric rally falters, closes the week below $2050

Dollar comeback poured cold water on gold’s record-breaking rally. US-China woes, US stimulus deadlock and upbeat NFP boosted the USD. The focus stays on US-China trade talks amid light US docket next week.

Gold News

Bitcoin may extend the recovery once Gold resumes the rally

Gold retreated from the recent highs, but the sentiments are still bullish. Cryptocurrencies resumed the upside, some altcoins are demonstrating strong gains. ETH/BTC stopped the downside correction and settled at $0.03300.

Read more

WTI extends slide toward $41, on track to post weekly gains

Crude oil prices continued to fall on Friday and the barrel of West Texas Intermediate (WTI) touched a daily low of $41.05 before recovering modestly.

Oil News