EUR/USD prepares to cross 1.0000 amid weaker DXY, US NFP eyed – by Sagar_Dua24 EURUSD ECB Fed NFP RetailSales
ECB Lagarde has failed to provide a true picture of the inflation situation.
Retail Sales data in the trading bloc is expected to decline by 1.7% against a decline of 0.9% recorded earlier.pair is hovering around the psychological resistance of 1.0000 after a perpendicular rally post a break above the 0.9732-0.9850 consolidation. The major is preparing to demolish the parity as the US dollar index is witnessing an intense sell-off by market participants. The DXY is expected to display a sheer downside move after surrendering the crucial support of 110.00.
The DXY’s appeal has been weakened ahead of the US employment data. Federal Reserve ’s extremely hawkish campaign to achieve price stability has resulted in weaker projections for the US data. The corporate has postponed the capacity expansion plans and fresh investment opportunities to dodge higher interest obligations. This has slowed down the recruitment process and henceforth the job opportunities.
As per the estimates, the US economy added a fresh 250k jobs in the labor market in August, which is extremely lower than the prior release of 315k. A lower-than-expected reading would weaken the DXY further as the Fed will be compelled to trim its hawkish tone to safeguard the economy from a recession situation.on Tuesday cleared that the inflation rate is still in unchartered territory.
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