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US weekly unemployment claims dropped to 473K in the week ended May 7.
The focus shifts to US Retail Sales to be out this Friday.
EUR/USD is technically bearish and could challenge the 1.2000 level.
The EUR/USD pair finished Thursday with modest losses around the 1.2080 level, as the greenback retained its strength despite an improved market’s mood. The American dollar advanced during the first half of the day, as global equities remained on the losing side while government bond yields advanced on the back of mounting concerns about rising US inflation. However, encouraging US data provided modest support to Wall Street, which in turn put a halt to the dollar’s rally.
5/7/2021 3:39:08 PM GMT
Central banks stubbornly decided to maintain ultra-loose monetary policies.
Major economies are finally seeing the light at the end of the pandemic tunnel.
AUD/USD is at a brink of turning firmly bullish, eyeing a possible test of 0.8000.
The AUD/USD pair remained trapped for a third consecutive week, ending this last session near the upper end of the range. The Australian currency continues to lack a life of its own, with the pair instead depending on whether speculative interest sells or buys the greenback. The latest impulse came from disappointing US employment figures, which sent the pair up to the 0.7840 price zone.
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5/7/2021 3:20:22 PM GMT
US employment data disappointed big in April, spurring a dollar sell-off.
Beyond employment, US macroeconomic figures suggest a substantial economic comeback.
EUR/USD has room to extend its advance once beyond the 1.2150 resistance level.
Mixed US data and cooling expectations for higher rates in the country fueled risk-appetite heading into the weekend. EUR/USD trades around 1.2140, recovering all of the previous week´s losses and nearing its monthly high at 1.2150. Quite a disappointing US employment report has fueled the dollar’s sell-off at the end of the week, as the numbers confirmed the US Federal Reserve stance of keeping rates lower for longer.