EUR/USD MOVES AWAY FROM MULTI-WEEK LOW, RETAKES 1.1300 AHEAD OF EUROZONE CPI/US NFP
EUR/USD MOVES AWAY FROM MULTI-WEEK LOW, RETAKES 1.1300 AHEAD OF EUROZONE CPI/US NFP
The EUR/USD pair has attracted buyers during the Asian session on Friday, moving above the 1.1300 round-figure mark.
This upward movement indicates a potential reversal from a three-day losing streak that saw the pair reach a two-week low around 1.1265 on Thursday.
The recent price action suggests that traders are repositioning ahead of significant economic data releases, including the Eurozone Consumer Price Index (CPI) and the US Nonfarm Payrolls (NFP) report.
These indicators are expected to provide insights into inflation trends and employment conditions, influencing future monetary policy decisions.
The upcoming Eurozone CPI report is anticipated to show a modest increase in inflation, with expectations of a 2.4% year-over-year rise.
This would mark the highest inflation rate since July, potentially influencing the European Central Bank's (ECB) stance on interest rates.
Analysts forecast that the US economy added approximately 177,000 jobs in the latest NFP report, a decrease from the previous month's 199,000.
wage growth is expected to ease to 3.9% year-over-year, down from 4.0%, which may indicate a cooling labor market.
