EURUSD is falling from its highest level in three months
Last Updated on May 12, 2021
EURUSD Outlook – 11th May 2021
EURUSD witnessed a decline in the morning of Monday’s trading in the European market, heading towards recording the first daily decline, retreating from its three-month high that it recorded in earlier trading, with the activity of corrections and profit-reaping, In addition, the 10-year Treasury yields recovered.
The EURUSD pair traded at $ 1.2136, after dropping 0.2% from today’s opening session at $ 1.2162, due to corrections and reaped profits from its three-month high at $ 1.2176.
EURUSD decline slightly
At the close of trading on Friday, EURUSD achieved a rise of 0.8% for the second day in a row, in the largest daily rise during 2021, this rise supported by the disappointing data on the business sector in the United States.
Throughout last week’s trading, the single currency recorded gains of about 1.2% against the green currency, the fourth consecutive weekly rise, in light of the improvement in investors ’risk appetite and their appetite for buying high-risk currencies.
The 10-year US Treasury yields increased by 1.8% on Monday to 1.605%, the highest in the last three days.
The US dollar recoups its losses after the jobs report
The US dollar rose against many global currencies, up from its lowest level in two and a half months that it hit in earlier trading, based on the disappointing non-farm payrolls report.
The dollar index traded at 90.305 points, up 0.2%, after falling to 90.128 points, the lowest in more than two months, after recording its third consecutive daily loss on Friday, after the United States published the latest non-farm payroll data.
Nonfarm payroll data in the United States
The US economy is operating with all its might, leading many to question whether the Fed was justified in maintaining the current cautious tone, in April data showed that the Consumer Price Index (CPI) rose to 2.6%, higher than the Fed’s target of 2.0. %, More data showed that all sectors are performing relatively well.
Data released by the Bureau of Labor Statistics showed that the economic labor market is doing well, adding more than 266,000 jobs in April After adding more than 916,000 jobs in March, the number was well below the average estimate of 978,000.
Meanwhile, the unemployment rate rose from 6.0% in March to 6.1% in April. This was worse than the median estimate of 5.8%. The participation rate increased in April while wages remained flat.
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