EUR/USD soars above 1.0700, refreshes two-month highs post-US NFP weak data
Finance EUR/USD soars above 1.0700, refreshes two-month highs post-US NFP weak data Nouvelles Bitcoin Ethereum EUR/USD rallies amid a softer US labor market, with Nonfarm Payrolls missing the 180K target. Speculation grows for Fed rate cuts in H2 2024 as hiring slows and unemployment ticks up. Despite EUs own economic slowdown, the Euro benefits from broad USD weakness and reduced rate hike bets. EUR/USD rallies during Fridays North American session after data from the United States (US) paints a looser US jobs market, as Nonfarm Payrolls missed estimates. Hence, traders reduced the chances for another Fed rate hike; instead, are expecting cuts for the second half of next year, a headwind for the US Dollar (USD). The major trades at 1.0726, gains 1%. EUR/USD capitalizes on weaker US Dollar following disappointing Nonfarm Payrolls, hinting at Feds rate hike pause The US Dollar continues to weaken as the US Department of Labor showed the jobs market is cooling as hiring slowed, revealed Nonfarm Payrolls data. In October, the economy added a decent 150,000 jobs but missed forecasts of 180,000 and trailed the 290,000 jobs added to the workforce in September. That, along with the uptick in the Unemployment Rate and Average Hourly Earnings, sparked speculations the Fed is done