- EUR / USD continues to push lower in the US session.
- The upbeat figures from the US data help the dollar outperform its rivals.
- The US dollar index extends the rally to new multi-week highs near 90.50.
The pair EUR/USD it came under heavy downward pressure during the US session on Thursday and hit its lowest level since May 17 at 1.2130. At time of writing, the pair was down 0.6% on the day at 1.2135.
The USD capitalizes on excellent US data.
Following the release of key US macroeconomic data, the dollar strengthened against its rivals and the US dollar index (DXY) hit a three-week high of 90.47. At the moment, the DXY is up 0.61% on the day at 90.45.
Data released by the Automatic Data Processing Research Institute (ADP) showed on Thursday that private sector employment increased by 978,000 in May, compared with the market expectation of 654,000. Additionally, weekly Initial Unemployment Claims decreased to 385,000 from 405,000.
Lastly, Markit’s Services PMI and ISM’s Services PMI posted new highs of 70.4 and 64, respectively, in May. Additionally, the price paid index component of the ISM PMI report rose to its strongest level in nearly 15 years at 80.6 to reignite concerns about inflation. Currently, the 10-year US Treasury yield is up 1.8% to 1.616%, providing an additional boost to the USD.
Meanwhile, the major Wall Street indices are losing between 0.4% and 1.3%, allowing the dollar to remain strong.
Technical levels
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