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fxAug 7, 2026, 5:38 PM

EUR/USD edges higher as soft US jobs data dents Fed rate hike expectations

EUR/USD gains support as traders pare back Fed tightening bets after a disappointing US nonfarm payrolls report. The pair trades near 1.1562, eyeing a break above the 100-day moving average.

EURUSD

The euro pushed higher against the dollar on Friday, with EUR/USD last trading around 1.1562, close to a seven-week peak. The single currency drew support from a softer greenback after US nonfarm payrolls fell short of expectations.

The weaker-than-expected jobs data prompted traders to scale back bets on aggressive Federal Reserve rate hikes, weighing on the dollar. Markets are now reassessing the pace of tightening, which has given EUR/USD room to climb.

Technically, buyers are eyeing a break above the 100-day simple moving average, which would reinforce the pair’s near-term bullish bias. The level has acted as resistance, and a sustained move above it could open the path for further gains.

Source: FXStreet Forex News