Andrey Goilov | Sep 04, 2023 13:49
The U.S. dollar is holding steady, with the EUR/USD currency pair hovering around 1.0780 as of Monday. This follows a robust performance by the dollar last Friday, driven by newly-released U.S. employment statistics.
The U.S. unemployment rate rose slightly to 3.8%, up from 3.5%, while the average hourly wage saw a modest month-over-month increase of 0.2%, falling short of the anticipated 0.3% hike. However, non-farm payrolls exceeded expectations by adding 187,000 jobs.
Given these mixed signals, the Federal Reserve may view the current labor market conditions with caution. The central bank could attribute the job market's volatility to the effects of elevated interest rates, among other factors. If these economic indicators continue to show weakness, it could imply greater susceptibility to high interest rates, suggesting that further rate hikes may be on the horizon.
Technical Analysis of EUR/USD Currency Pair
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