Euro Gains on Weak US Jobs Data as Dollar Slides
A softer-than-expected US jobs report sent the US dollar lower, propelling EUR/USD to a fresh high as markets repriced Federal Reserve rate expectations, Danske Bank notes.
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The US dollar weakened after a softer US employment report, allowing EUR/USD to briefly reach its highest level in almost two years, according to Danske Bank’s research team. The move came as markets repriced expectations for Federal Reserve policy.
The greenback’s slide lifted the euro, with the pair touching a level not seen in quite some time. The bank highlighted that the jobs data prompted a reassessment of the Fed’s tightening path, supporting the single currency.
Source: FXStreet Forex News