EUR/USD falls on robust US ISM Services data, tumbles below 1.0500 – by christianborjon EURUSD Majors Macroeconomics Currencies Technical Analysis
last week’s solid November US employment report shows the labor market remains tight. At the time of writing, theSentiment remains deteriorated, even though China is beginning to ease Covid-19 measures. The US ISM Non-Manufacturing Index for November rose by 56.5, above estimates of 53.3, crushing October’s 54.4. According to Bloomberg, “The service sector expanded at a faster pace in November, with the holiday season bolstering business activity.
Aside from this, last week’s employment report, November’s Nonfarm Payrolls rose by 263K, beating the 200K estimates, while the Unemployment Rate, at 3.7%, remained unchanged. Average Hourly Earnings increased by 5.1%, vs. 4.9% forecasts, which would keep the US Federal Reserve lifting rates, even if it means at 50 bps increases, as the Federal Reserve Chair Jerome Powell said last Wednesday.
Therefore, the EUR/USD first support would be the 1.0500 figure, followed by the December 2 daily low at 1.0428 and the 1.0400 psychological figure. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
When is the US ISM Services PMI and how could it affect EUR/USD?The Institute of Supply Management (ISM) will release the Non-Manufacturing Purchasing Managers' Index (PMI) - also known as the ISM Services PMI – at
Read more »
US: ISM Services PMI improves to 56.5 in November vs. 53.1 expectedThe business activity in the US service sector continued to expand at an accelerating pace in November with the ISM Services PMI rising to 56.5 in Nov
Read more »
Treasury yields climb as investors digest jobs data, await ISM Services reportTreasury yields rose on Monday as investors awaited the latest ISM non-manufacturing purchasing managers’ index report and digested a slew of jobs data.
Read more »
Gold Price Forecast: XAU/USD struggles around $1,800 ahead of ISM Services PMI dataGold price (XAU/USD) is facing immense pressure in conquering the round-level resistance of $1,800.00 in the early Tokyo session. The precious metal i
Read more »
GBP/USD shifts its business above 1.2300 as market mood soars, US ISM Services PMI eyedGBP/USD shifts its business above 1.2300 as market mood soars, US ISM Services PMI eyed – by Sagar_Dua24 GBPUSD Fed DollarIndex RiskAppetite PMI
Read more »
EUR/USD price Analysis: Refreshes five-month high above 1.0550 on solid risk-on profileEUR/USD price Analysis: Refreshes five-month high above 1.0550 on solid risk-on profile – by Sagar_Dua24 EURUSD RiskAppetite Breakouts Momentum SupportResistance
Read more »