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May 05, 2023
After closing at 1.1018 yesterday, EUR/USD began today at 1.1013 with significant bullish sentiment driving EUR/USD's price action higher. So far today, price action has drawn out a distinct 1.1013 to 1.1051 range.
United States Average Hourly Earnings is next today at 12:30 UTC.
At the same time, Euro Zone Interest Rate released yesterday at 12:15 UTC with a figure of 3.75, while the previous figure was 3.5. Euro Zone Deposit Facility Rate (May) came out at 3.25, while a consensus of analysts was expecting 3.25. Euro Zone ECB Marginal Lending Facility released yesterday at 12:15 UTC with a figure of four, while the previous figure was 3.75.
Elsewhere, other currency pairs are also gaining ground as USD/CHF added 0.64% to its value, now trading at 0.8913.
While Euro-Dollar is up today, these currencies are lagging behind: USD/CAD closed at 1.348 (down 0.44%). USD/SGD closed at 1.3246 (down 0.24%).
Positive indicators for Euro-Dollar are expected going forward as United States Non Farm Payrolls projected to come out at 180,000 — worse than previous data of 236,000; data will be released today at 12:30 UTC. Projections for United States Unemployment Rate are set for a continuation of decline with 3.6 while previous data was 3.5; data will be released today at 12:30 UTC.
Furthermore, the market is looking at Euro Zone CFTC EUR speculative net positions scheduled to come out today at 20:30 UTC.
The currency pair has been trending positively for about a month. As things stand, Euro-Dollar is 0.5% away from a significant high of 1.1073, first set 2 days ago.
