Weaker-than-expected US private payrolls data weigh on the USD, lifting EUR/USD as traders await Friday’s Nonfarm Payrolls report.
EUR/USD climbed to 1.1555 in Asian trading Thursday, extending gains as the USD faced broad pressure. The US Dollar Index (DXY) held near 99.65, reflecting a two-day decline after ADP reported just 44K private-sector payrolls added in July, missing estimates of 70K and the prior 98K print.
Investors now await Friday’s Nonfarm Payrolls (NFP) data, with TD Securities forecasting a modest rebound to 70K in July from June’s 57K. The bank expects the unemployment rate to remain stable at 4.2%, signaling a broadly unchanged labor market backdrop.
Eurozone Retail Sales data for June, due at 09:00 GMT, may provide further direction for the EUR. Technical analysis suggests the pair aims to break decisively above key resistance levels.