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Currency trading analysis and daily forex market forecast, by forum.forex
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[QUOTE="Somrat4030, post: 223432, member: 43126"] [HEADING=2]Mar-04, 2022, EUR/USD, GBP/USD trading analysis and US job market data updates, by forex forum.[/HEADING] [HEADING=1]Weekly close above 1.10 may slightly take the edge off the euro's sharp losses of late.[/HEADING] "With no end in sight to the war in Ukraine and more event shocks ahead (like the nuclear power plant yesterday), the EUR is at risk of losses to 1.08 in the short run." "EUR/USD now faces limited support markers until psychological floors in the 1.09 and 1.08 zones." "A weekly close above the figure may slightly take the edge off the currency's sharp losses of late, but upward momentum remains limited and there are no clear signs of a reversal being in the works." [HEADING=2]Moreover, Energy prices will hurt growth in the euro area more than in the US.[/HEADING] "The repercussions for energy prices are most severe in Europe due to its energy dependency on imports. The US is in comparison energy self-reliant and a net petroleum exporter. It is also worth noting that European households spend a higher proportion of their income on heating/gas/electricity compared to American households. Hence, the economic ramifications will be more pronounced for the European economies than in the US." [B]On the other hand, Non-farm Payrolls was released this morning to the tune of +678k . This is the final NFP release ahead of the March FOMC rate decision where the bank is expected to hike rates for the first time since 2018. But, perhaps more importantly, this would be the first step towards paring back some of the outsized accommodation that had been set since the onset of Covid.[/B] Jobs data has remained in focus as this has been the Fed's pressure point for liftoff. Inflation raged throughout last year but the bank continually avoided any element of tightening for fear of choking off the labor market recovery. Overall, the job gains continue to show strong growth with the unemployment rate falling as well toward full employment. However, the wage data was contained with earnings on the month virtually flat and the YoY declining to 5.1% from 5.5%. *. EURUSD is continuing to trade near session lows *. GBPUSD is also trading lower (higher USD). *. Dow -234 point. *. S&P -28 points *.NASDAQ -80 points For getting daily latest [B]Currency trading[/B] analysis and forex market forecast join this forex forum. Elsewhere, The GBP/USD pair continued lowing ground through the early North American session and weakened further below mid-1.3200s in reaction to an upbeat US monthly jobs report. The pair was last seen trading around the 1.3240-1.3235 region, down nearly 0.80% for the day. The pair added to the overnight losses and continued falling for the second successive day on Friday amid a blowout US dollar rally, bolstered by the global flight to safety. The Russian attack on Ukraine's Zaporizhzhia nuclear power plant - the largest of its kind in Europe - raised fears of an environmental catastrophe. This, in turn, unnerved investors and boosted demand for traditional safe-haven assets. Thank You [/QUOTE]
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