EUR/USD in fresh highs around 1.1580/85
- EUR/USD pushed higher to daily highs near 1.1580 on Friday.
- US Non-farm Payrolls rose by 194K jobs in September.
- The unemployment rate ticked lower to 4.8%.
The buying interest around the single currency remains well and sound at the end of the week and now lifts EUR/USD back to the vicinity of 1.1580 in the wake of US NFP.
EUR/USD in fresh highs around 1.1580/85
EUR/USD keeps the positive stance on Friday after the US economy created 194K jobs during September, missing expectations for a gain of 500K jobs. The August’s reading was revised to 366K (from 235K).
Further data showed the jobless rate eased to 4.8% and the critical Average Hourly Earnings – a proxy for inflation via wages – rose 0.6% MoM and expanded 4.6% over the last twelve months. Another key gauge, the Participation Rate, eased a tad to 61.6% (from 61.7%).
The move higher in the pair comes in response to the knee-jerk in the buck, dragging the US Dollar Index to fresh lows in the sub-94.00 levels along with a retracement in yields of the US 10-year note to the 1.56% region, some 4bps lower than earlier peaks.
EUR/USD levels to watch
So far, spot is up 0.24% at 1.1577 and faces the next up barrier at 1.1604 (10-day SMA) followed by 1.1640 (weekly high Oct.4) and finally 1.1677 (20-day SMA). On the other hand, a break below 1.1529 (2021 low Oct.6) would target 1.1500 (round level) en route to 1.1495 (high Mar.9 2020).