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The EUR/USD pair dropped further and printed a fresh three-day low during the American session at 1.1026 as the US dollar gained momentum. The bias remains to the downside with the pair set to keep trimming weekly gains.
The US dollar strengthened after the beginning of the American session as market sentiment deteriorated with US stock indices trimming gains. Economic data form the US came in mixed but overall it appears to have help the dollar.
The ISM Manufacturing index dropped unexpectedly to 57.1 in March, from 58.6; on the contrary, the S&P Global PMI was revise higher from 58.5 to 58.8. Earlier, the employment report showed the economy created 431000 jobs in March, below the 490000 expected and the unemployment rate declined to the lowest since 2020 to 3.6%.
A solid report does not change the dial for USD dynamics. If anything, this number should help validate market pricing for robust Fed tightening and our bias this quarter of fading EUR/USD extremes (within 1.08/12).
the euro ends week on negative tone, despite losing ground on Friday for the second at in a row, EUR/USD is still up for the week. From Thursday’s top it lost more than a hundred pips. So far it bottomed at 1.1026, and remains under pressure.
The dollar is set to end the week with losses, but not weak. The DXY is up 0.35% on Friday trading at 98.70, validating a recovery after trading under 98.00 during the previous two days.
