Euro/Dollar Faces Heightened Pressure – Overview for July 07, 2023

<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/EURUSD_16-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="EUR/USD analysis today" decoding="async" loading="lazy" style="margin-bottom: 15px;" /></div><p>The euro/dollar <a href="https://blog.roboforex.com/blog/2020/06/19/how-to-choose-a-currency-pair-for-trading-in-forex/" data-internallinksmanager029f6b8e52c="142" title="Currency Pair">currency pair</a> is currently experiencing significant pressure as market participants eagerly await the release of important US <a href="https://blog.roboforex.com/blog/2019/11/07/economic-indicators-the-basis-for-forex-trading-strategy/" data-internallinksmanager029f6b8e52c="94" title="Economic Indicators">economic indicators</a>.</p>

<p>On Friday, the most actively traded currency pair, <a href="https://roboforex.com/beginners/info/charts/forex/eurusd/" data-internallinksmanager029f6b8e52c="35" title="EUR/USD">EUR/USD</a>, is undergoing consolidation. Presently, the EUR/USD quote stands at 1.0890, displaying a degree of stability amidst prevailing circumstances.</p>

<p>Following the publication of US employment statistics, the US dollar witnessed a rapid strengthening. However, investors managed to stabilize the situation. Notably, data concerning the non-agricultural labor market indicated a decline in the number of available job vacancies, dropping from 10.32 million to 9.82 million in May. Simultaneously, the number of new hires in companies increased from 6.1 million to 6.21 million, while the number of layoffs rose from 3.77 million to 4.02 million.</p>

<p>In June, private sector jobs in the US, as reported by ADP, experienced a significant surge, rising from 267 thousand to 497 thousand. This unexpected growth in employment contributed to the strengthening of the US dollar. The Federal Reserve (Fed) had anticipated a more sluggish performance in the employment sector, considering the imbalance between labor demand and supply. Such disparities have the potential to drive wage <a href="https://blog.roboforex.com/blog/2022/06/30/what-is-inflation-reasons-and-consequences/" data-internallinksmanager029f6b8e52c="220" title="Inflation">inflation</a>, which is a prominent pro-inflationary factor. Consequently, the Fed must diligently consider all employment sector fluctuations when making its forecasts, as it continues its battle against inflation.</p>

<p>Today, the US is set to release the June unemployment rate and the number of non-farm payrolls. A higher reading in these reports would likely reinforce the position of the US dollar, further intensifying the existing market pressure.</p>

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