EUR/USD Oscillates Around 1.1440 Ahead of US NFP Data Release

EUR/USD Oscillates Around 1.1440 Ahead of US NFP Data Release

The EUR/USD currency pair is trading in a narrow range near 1.1440 during Friday’s Asian session, as investors brace for the release of the US May Nonfarm Payrolls (NFP) data at 12:30 GMT.

Market Focus on US Jobs Report

The upcoming NFP data is highly anticipated as it will influence market expectations on the Federal Reserve’s (Fed) monetary policy stance. Economists forecast an increase of 130,000 new jobs in May, down from 171,000 added in April. The Unemployment Rate is expected to hold steady at 4.2%.

US Dollar Strength and ECB Rate Cut Impact

Ahead of the jobs report, the US Dollar (USD) has shown resilience, pushing higher after holding gains from late Thursday. The US Dollar Index (DXY), which measures the Greenback against six major currencies, is trading near 98.80.

Meanwhile, the European Central Bank (ECB) cut its main borrowing rate by 25 basis points on Thursday, adding pressure on the euro and affecting EUR/USD dynamics.

Key Points for Traders

• EUR/USD consolidates around 1.1440, reflecting cautious investor sentiment.
• US NFP data release is a major market event expected to drive volatility.
• Easing US-China trade tensions support the US Dollar’s recent strength.
• ECB’s rate cut keeps the euro under pressure in the short term.

For more forex market insights, visit:

• Understanding US NFP Impact on Forex
• ECB Monetary Policy and Euro Movement
• Forex Trading Strategies on Tredu