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Daily Market Analysis By FXOpen
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[QUOTE="FXOpen Trader, post: 339920, member: 104606"] [B][SIZE=5]US Dollar Ended the Week under Pressure[/SIZE][/B] [img]https://i.imgur.com/haplE1o.jpeg[/img] The February labour market report was published in the United States. The number of new jobs created by the national economy outside the agricultural sector increased by 275.0k in January after an increase of 229.0k a month earlier, while experts expected an increase of 200.0k. It should also be noted that the January figure was revised from the previous estimate of 353.0k jobs. The average hourly wage in annual terms adjusted from 4.4% to 4.3%, and in monthly terms, from 0.5% to 0.1%. At the same time, the unemployment rate in February increased sharply from 3.7% to 3.9%. [B][SIZE=5]EUR/USD[/SIZE][/B] [img]https://i.imgur.com/oKb04lp.png[/img] The EUR/USD pair shows mixed dynamics, remaining close to 1.0940. Immediate resistance can be seen at 1.0980, a break higher could trigger a rise towards 1.1100. On the downside, immediate support is seen at 1.0887, a break below could take the pair towards 1.0842. Market activity remains subdued as investors analyse macroeconomic data released last week. On Friday, March 8, trading participants drew attention to the decline in the annual dynamics of industrial production in Germany in January by 5.5% after -3.5% in the previous month, and in monthly terms the figure strengthened by 1.0% after a reduction of 2 .0% in December against a forecast of 0.6%, which allows the German economy to emerge from recession in the near future. The German producer price index added 0.2% monthly after -0.8% in December, and slowed down by 4.4% year-on-year after -5.1%, while markets were expecting -6.6%. Trading participants also assessed statistics on the eurozone GDP product for the fourth quarter of 2023: on a quarterly basis, the figure remained at 0.0%, and on an annual basis it increased by 0.1%, which coincided with expectations. Technical analysis of the EUR/USD pair shows that a new upward channel has formed at the highs of last week. Now the price is near the lower border and may continue to rise. [B][URL="https://fxopen.com/blog/en/ru-us-dollar-ended-the-week-under-pressure/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve"]TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG[/URL][/B] [I][B]Disclaimer:[/B] This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. [/I] [/QUOTE]
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