What are the nearest buying levels for EURUSD?
EUR/USD retreated to the support level 1.0855 after it attempted to rebound upwards towards 1.0904 before announcing the results of that data. Employment in the euro area increased by the largest amount since 2021 in the first quarter.
A flash estimate published by Eurostat on Tuesday showed that quarterly employment growth doubled to 0.6 percent in the first quarter from 0.3 percent in the previous period.The rate marked the biggest rise since the third quarter of 2021. Employment growth is expected to remain unchanged at 0.3 percent. On an annual basis, employment registered a growth of 1.7 percent, following an increase of 1.5 percent in the previous quarter. Economists had expected growth to slow to 0.4%.
The European Union's executive arm raised its GDP growth forecast for the eurozone for this year to 1.1 percent from 0.9 percent and in 2024 to 1.6 percent from 1.5 percent. Compared to March 2022, exports increased by 7.5 percent, while imports decreased by 10.0 percent in March. As a result, the trade balance turned positive with the surplus rising sharply to €25.6 billion. In the same period last year, the trade deficit amounted to 20.0 billion euros.The price of the EUR/USD currency pair is still in a downward correction path.
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