EUR/USD: Weak labor market could push EUR/USD towards 1.12
The recent trend of the EUR/USD currency pair has attracted market attention. Weak labor market data may push the currency pair down to the 1.12 mark. According to investor analysis, the trend of EUR/USD will be significantly affected by the release of the key employment report.
After hitting an annual high in August, the currency pair found support around 1.105 this week. The Beige Book and JOLTs reports released yesterday showed that the number of job vacancies fell to the lowest level since January 2021, which exacerbated market concerns about a soft landing of the economy. Therefore, investors must pay close attention to the upcoming data, which will not only affect the Fed's expectations of rate cuts, but will also determine the future direction of EUR/USD to a certain extent.
If the labor market data weakens further, it may trigger stronger concerns about a recession, pushing EUR/USD up to 1.12 or even higher. However, if the employment data is strong, it may ease market concerns about the previous economic slowdown trend and facilitate an important opportunity for the currency pair to test the 1.09 level.
Please continue to pay attention to relevant developments so that you can make investment decisions in a timely manner.
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