- The dollar rose throughout the market driven by employment figures.
- EUR / USD extends retracement from weekly highs at one hundred pips.
The EUR / USD accelerated the decline following the US employment data and fell to 1.2156, the lowest level in six days. The declines were driven by a rise in the dollar throughout the market.
ADP employment data showed a net change in positive employment above expectations; It later emerged that initial claims for unemployment benefits fell to the lowest level since March 2020. This bodes well for the official figures to be released on Friday.
The dollar was coming higher before the information and then it extended the journey even more. Treasury yields do not appear to have reacted to the new information yet and were unchanged significantly.
EUR / USD has support around 1.2155, which if broken could point to further weakness. The next level to emerge is last week’s low at 1.2130. A rally above 1.2195 would ease the downward pressure and could reverse the intraday trend.
Technical levels
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