EURUSD rises on lower Nonfarm Payrolls.
EURUSD rising today under the effect of the weaker U.S. dollar as the markets are reacting to the latest release of the USA Nonfarm Payrolls data – which showed that US gained only 559K jobs in May – much lower than 664K expected by the economists. The data still indicates gradual economic recovery in USA – meaning the Fed will retain status quo for now – adding to the bearish pressure on U.S. dollar and driving the pair up. The improving public health situation and massive fiscal stimulus are supporting the economy with half of the American population has been fully vaccinated – which still means the upward gains can be temporary for EURUSD.
Next resistance to watch – 1.2216
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