The EUR/USD pair is experiencing downward pressure due to market expectations.
The major currency pair continued to exhibit weakness on Monday, although it is making efforts to stage a correction. The current EUR/USD exchange rate is at 1.0780.
Last Friday, the US released a significant set of crucial macroeconomic statistics that made an impression on investors and reignited discussions about the future of interest rates in the US market.
The unemployment rate increased to 3.8%, up from the previous month’s 3.5%. Average hourly earnings saw a modest 0.2% month-on-month growth, falling short of the expected 0.3% and the previous 0.4% increase. These numbers are less than encouraging and suggest that the economy is still adjusting to high-interest rates and not performing at its best.
Non-farm payrolls, however, added 187,000 jobs, surpassing expectations.
Overall, the data presented provides room for investor speculation. It’s the employment market that currently appears mixed, and it’s uncertain whether the Federal Reserve will base its November interest rate decision solely on this factor.
Today is a holiday in the US, so there will be no economic statistics released. The Eurozone will present the Sentix investor confidence index, which is expected to drop to -19.6 points in September.
The post Euro/Dollar Faces Bearish Pressure – Overview for September 4, 2023 appeared first at R Blog – RoboForex.
