EUR/USD holds losses as the focus shiifts to the UD NFP report
The post EUR/USD holds losses as the focus shiifts to the UD NFP report appeared com. EUR/USD extends losses for the fifth consecutive day and trades at 1. 1525 at the time of writing on Thursday after a sharp reversal from levels near 1. 1600 on Wednesday. The US Dollar’s (USD) positive reaction to a hawkishly tilted Federal Reserve (Fed) Minutes and traders’ cautiousness ahead of the long-awaited US Nonfarm Payrolls (NFP) report for September have boosted the Greenback across the board. The Minutes of October’s Federal Market Open Committee (FOMC) meeting revealed on Wednesday that many Fed officials were against cutting interest rates, concerned that it might compromise the fight against inflation and deteriorate public trust in the central bank. These comments have cast further doubt about the possibility of back-to-back rate cuts in December. The chances of a quarter-point interest rate cut at the December 10 meeting decline below 30%, according to the CME Group’s FedWatch tool, from 50% on Wednesday, and above 90% one month ago. The US Dollar has firmed up in the meantime. In the Eurozone, Construction Output data showed that the sector accelerated its decline in September. Later on the day, the German Bundesbank Monthly Report, and November’s preliminary Consumer Confidence reading released by the European Commission might give some further guidance to the Euro (EUR). In the US, the focus will be on September’s Nonfarm Payrolls report and the Philadelphia Fed Manufacturing Survey. Euro Price Today The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the Japanese Yen. USD EUR GBP JPY CAD AUD NZD CHF USD 0. 05% -0. 10% 0. 49% -0. 01% -0. 21% -0. 25% 0. 04% EUR -0. 05% -0. 15% 0. 42% -0. 06% -0. 26% -0. 30% -0. 02% GBP 0. 10% 0. 15% 0. 58% 0. 09% -0. 11% -0. 15% 0. 14% JPY -0. 49% -0. 42% -0. 58% -0. 50% -0. 68% -0. 75% -0. 45% CAD 0. 01% 0. 06% -0. 09% 0. 50% -0. 19% -0. 26% 0. 05% AUD 0. 21% 0. 26% 0. 11%.