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Market News EUR/USD Remains Limited Below 1.0800, With US NFP Data The Focus Of Attention

EUR/USD Remains Limited Below 1.0800, With US NFP Data The Focus Of Attention

On Friday, EUR/USD attracts some dealers near 1.0791. Quarterly GDP for the Eurozone was 0% YoY, down from 0.1% previously. The weekly increase in US Initial Jobless Claims to 220,000 was weaker than anticipated. Friday will feature the US Nonfarm Payrolls (NFP) and Unemployment Rate in the spotlight.

TOP1 Markets Analyst

2023-12-08

9137

On Friday morning, the EUR/USD pair remains limited below the 1.0800 level during the early Asian session. The Euro (EUR) is depreciated due to market expectations that the European Central Bank (ECB) will implement rate cuts before the Federal Reserve (Fed), which further dampens the Eurozone's bleak outlook. The EUR/USD is trading at 1.0791 at press time, a decrease of 0.03% on the day.

Unexpectedly, the economy of the Eurozone declined in the third quarter (Q3) of 2023. The YoY growth rate of the Gross Domestic Product (GDP) was 0%, which was lower than the previous estimate of 0.1%. The quarterly growth rate declined by 0.1, which was consistent with the market forecast.

Isabel Schnabel, a member of the ECB board, stated last month that rate increases must remain a possibility if inflation fails to return to the 2% target in a timely manner. However, following three consecutive remarkably low inflation readings, she changed her mind. The initial interest rate reduction by the European Central Bank (ECB) is now anticipated to occur as early as March 2024, according to aggressive market pricing.

Conversely, the US Labour Department released data on Thursday indicating that weekly Initial Jobless Claims for the period ending December 1 in the US rose to 220K, which was lower than the market estimate of 222K. From 1.925 million to 1.861 million, Continuing Claims decreased, falling short of the market consensus of 1.919 million.

Investors will then monitor the US employment report that is released on Friday. This report will contain the following: Nonfarm Payrolls (NFP), Unemployment Rate, Average Hourly Earnings, and the Consumer Sentiment Index from the University of Michigan. It is anticipated that nonfarm payrolls will experience a growth of $180,000, while the unemployment rate will remain unchanged at 3.9%. In the vicinity of the EUR/USD pair, traders will identify trading opportunities based on these indicators.