EUR/USD remains below 1.0900 post intraday gains, US Nonfarm Payrolls eyed
==========
EUR/USD extends gains as US Dollar weakens after mixed US data. Euro could face challenges as markets speculate over an ECB interest rate cut in June. US Dollar could suffer further losses if the US NFP declines as anticipated. EUR/USD gained upward support following mixed economic data from the United States (US). The subdued US Treasury yields contribute to adding pressure on the US Dollar (USD). US Treasury yields experienced downward pressure following reports from regional bank New York Community Bancorp, which indicated increased stress in its commercial real estate portfolio. The US Dollar Index (DXY) struggles to retrace its recent losses. The DXY trades around 103.00, with the 2-year and 10-year US Treasury yields hovering around 4.23% and 3.88%, respectively. US Nonfarm Payrolls (NFP) data is set to be released, including US Average Hourly Earnings and Nonfarm Payrolls (NFP). EUR/USD advances to near 1.0880 on Friday, close to the immediate resistance around the psychological level at 1.0900. The major level at 1.0850 appears as the key support. The US Dollar is struggling to find its feet, allowing the Euro to stretch higher amid an upbeat mood. All eyes now remain on the US NFP data release.
#Eur/usd #UsNonfarmPayrolls #UsDollar #Euro #EcbInterestRateCut