The Euro came under immense pressure in yesterday’s trading session after the release of stellar job figures which sent the European currency tumbling by over 100 pips and breaking down solidly through a key resistance line.
The news released by the Automatic Data Processing (ADP) Research Institute showed that jobs in the private sector surged by 978,000 in May, compared to analysts’ expectations for a figure of 654,000, while the Initial weekly Jobless Claims figure also tumbled from 385,000 from 405,000.
The market has now once again set its sights on an interest rate hike from the US Federal Reserve and the release of the non-farm payrolls report later today is turning out to be one of the most important pieces of news data for the year, and another solid jobs figure in the space of 2 days is likely to hit the Euro once again.
Expectations are there will be a strong NFP figure later today and this may already be priced into the Euro’s decline yesterday and we may see a relief rally if the number is not as strong as expected.
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