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EUR/USD successfully reversed its trend.

The primary currency pair is experiencing an upward movement on Friday, with the current EUR/USD exchange rate at 1.0880.

Today holds significance for currency investors as the US prepares to unveil employment market statistics for January and more.

As per average expectations, the unemployment rate increased to 3.8% last month from the previous 3.7%. Non-farm payrolls also rose by 185 thousand, showing a decrease from December's figure of 216 thousand.

There are indications that the employment market might be cooling off, supported by data from ADP's private sector jobs statistics and Challenger's layoff data. However, the NPF data throughout 2023 contradicted these signals, making it crucial to observe the current situation.

In addition to the employment reports, a preliminary calculation of the consumer confidence index from the University of Michigan will also be released.

The second half of the day is expected to bring volatility for EUR/USD, with the surge in activity ending there.

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The post EUR Bounces Back: Overview for February 02, 2024 appeared first at R Blog - RoboForex.

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By: Anna Rostova
Title: EUR Bounces Back: Overview for February 02, 2024
Sourced From: blog.roboforex.com/blog/2024/02/02/eur-bounces-back-overview-for-february-02-2024/
Published Date: Fri, 02 Feb 2024 08:56:40 +0000

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