The EUR/USD pair is finishing a third consecutive week little changed at around 1.0820, and after meeting sellers near 1.0900 for a fourth straight week.
The European Central Bank delivered a hawkish rate cut, hinting at no action until September. The US Fed eral Reserve will likely stay put when policymakers meet next week. EUR/USD keeps losing upward strength, the bearish case builds up. Different first-tier events fell short of triggering directional strength around the pair, as investors are still uncertain about what the future may bring.
9% in April, while the Labor Force Participation Rate declined to 62.5% from 62.7%. Finally, Average Hourly Earnings rose 4.1% YoY and 0.4% MoM, surpassing expectations. The US Dollar soared with the news, and EUR/USD retreated towards the 1.0820 price zone after repeatedly failing to extend gains beyond 1.0900. The news basically grants no interest rate cuts by the Federal Reserve , as inflation remains hot while the labor market is tight.
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