June US Nonfarm Payrolls missed forecasts at 57K, cooling Fed rate hike bets and lifting the Euro against the Dollar.
The Euro rose against the US Dollar for a second day as softer-than-expected US jobs data dampened expectations for Federal Reserve rate hikes. June Nonfarm Payrolls added 57K jobs, below the 110K consensus and down from May’s revised 129K print, previously reported at 172K.
The weaker US data pushed the Dollar lower, though EUR/USD struggled to break above 1.1475 resistance. Eurozone services PMI revisions also supported the single currency, with the final June reading upgraded to 49.4 from 48.9, lifting the Composite PMI to 50.
Technical indicators suggest near-term bullish momentum, but resistance near 1.1500 may cap further gains.