EURUSD took a break. Overview for 08.06.2020
On Monday, the major currency pair is slightly correcting after an avalanche of news and reactions.
After a very volatile week, EURUSD is barely moving this Monday. The current quote for the instrument is 1.1283.
The US Labor market statistics supported the USD and acted as an obstacle that prevented the major currency pair from further growth. So, for example, the Unemployment Rate went from 14.7% in April to 13.3% in May. The forecast was much worse – 19.8%.
The Non-Farm Employment Change showed 2.5M in May although it was expected to be -8M. At the same time, the April reading was revised from -20.537M to -20.687M but market players didn’t pay any attention to it because they were completely focused on the positive actual reading.
The components of the report showed that large employment increases occurred in leisure and hospitality, construction, education and health services, and retail trade.
The Average Hourly Earnings lost 1.0% m/m in May, which is worse than the expected reading of +1.0% m/m. The Average Weekly Hours increased a little bit and was 34.7.
No important statistics from the USA are scheduled for today but in the evening one should pay attention to the ECB Governor speech.