The EUR/USD pair struggled for direction throughout the week, unimpressed by growth-related figures and central banks’ announcements.
The Federal Reserve kept rates on hold for a second consecutive meeting. The Euro Zone economic downturn accelerated at the beginning of Q4. EUR/USD broke the upper end of its latest range, skewing risk to the upside. The pair finally found directional strength on Friday, following the United States Nonfarm Payroll report, and reconquered the 1.0700 threshold. The end of monetary tightening? One thing became evident after this week's developments.
The Unemployment Rate increased to 3.9% in the month, higher than the 3.8% forecast, while the Labor Force Participation Rate ticked lower to 62.7% from 62.8% in September. The US Dollar plunged with the news, as the softer-than-anticipated figures weighed on rate hike odds, which were already down following the Fed’s monetary policy decision. According to the CME Fed WatchTool, the odds for a Fed hike in December fell to 10% from 27% before the central bank’s announcement.
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