EUR/USD extends recovery above 1.0550, downside seems likely as US NFP hogs limelight EURUSD Fed ECB NFP SEO
surrendered the critical support of 105.20. For building an upside bias, the shared currency pair has to fulfill plenty of filters.contraction phase after Federal Reserve chair Jerome Powell’s hawkish remarks-led perpendicular upside. The mighty USD Index is expected to remain sideways further till the release of the United States Nonfarm Payrolls data.
A consideration of a higher terminal rate than previously anticipated from Federal Reserve Powell has already pushed two-year US Treasury yields to the highest level recorded in 2007. According to DoubleLine Capital LP Chief Investment Officer Jeffrey Gundlach, the bond market is doubling down on the prospect of a US recession after Federal Reserve Chairwarned of a return to large interest rate hikes, prompting the yield on two-year notes to rise to as much as 5.08%.
A further increase in two-year US Treasury yields could dampen interest in growth and technology stocks as investors would be required to discount them with higherThere is no denying the fact that Federal Reserve Powell has already warned the street that the central bank is prepared to raise rates further to bring down persistent inflation. However, the release of the US Nonfarm Payrolls data on Friday will provide more cues.
According to the estimates, the official US Employment data is expected to show a decline in the number of payrolls added in February to 203K from the former release of 514k. A figure of 203K is not so bad but looks worthless in front of January’s 514K figure. Investors should be aware that a figure of 514K was an exceptional one in the past seven months.is expected to remain steady at multi-decade low figures. Also, the Average Hourly Earnings are expected to increase to 4.
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