EURO HOLDS AROUND ONE WEEK HIGH AS ATTENTION TURNS TO US JOBS DATA

Published on Sep 06, 2024 12:29

Euro is holding onto its momentum following an advance above 1.1000 mark against the US dollar as focus shifts to the US nonfarm payrolls data. The EUR/USD pair is currently quoting at 1.1120, up marginally on the day and consolidating at a one week high. Eurozone economic cues remain tepid though and could cap major advances for the single currency. Eurozone retail sales rose marginally in July, suggesting subdued support from household consumption to economic growth. Retail sales saw a nominal monthly growth of 0.1% in July, data published by Eurostat showed on Thursday. US dollar index tanked under 101 mark yesterday as a report released by payroll processor ADP showed private sector employment in the U.S. increased at lax pace in August. ADP said private sector employment rose by 99,000 jobs in August after climbing by a downwardly revised 111,000 jobs in July. This is the smallest increase in jobs in around three years.