Daily digest market movers: EUR/USD strengthens at US Dollar’s costs
- EUR/USD trades comfortably above the round level of 1.0800 at the cost of the US Dollar. Growing speculation that the Federal Reserve (Fed) will start reducing interest rates from the September meeting has built significant pressure on the Greenback. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, has extended its losing spell for the seventh trading session and has posted a fresh three-week low near 105.00.
- Traders raised rate-cut bets for September heavily due to various factors, such as Fed Chair Jerome Powell's sheer confidence that the central bank has made considerable progress in inflation, easing labor market strength, and contraction in the Services PMI.
- The June ADP Employment Change report showed unexpectedly slowing private sector hiring. In the same period, the Services PMI showed a contraction in the sector and dropped to its lowest level in four years.
- In Friday’s session, the major trigger for the US Dollar will be the United States Nonfarm Payrolls (NFP) data for June, which will be published at 12:30 GMT. The US NFP report is expected to show that 190K new workers were hired, compared to 272K in May. The Unemployment Rate is expected to remain steady at 4.0%.
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