The EUR/USD price retreated slightly after a series of mixed economic data from Europe and the United States.
The focus among investors recently was the debt ceiling debacle in the US as divisions between Democrats and Republicans continued. Since a US default was in no ones interest, the two parties decided to reach a compromise. The challenge of all this is that the country’s spending binge will continue, pushing its deby upwards by over $4 trillion in the next few years.
In the near term, however, the fears of a default ended, providing some relief to the market. Meanwhile, the newly appointed Federal Reserve vice chair said that he will support pausing rate hikes in the coming meeting. As such, there is a likelihood that the Fed will decide to hit a strategic pause in its meeting this month.non-farm payroll According to the Bureau of Labor Statistics , the economy added over 339k jobs in May while the unemployment rate rose slightly to 3.7%.
Looking ahead, there will be no major economic data from Europe and the US this week. The only vital numbers will be the latest European and US services PMI numbers and the EU GDP numbers scheduled for Thursday.The EUR/USD pair jumped to 1.07783 on Friday and then quickly pulled back after the latest non-farm payrolls data.. It has now moved below this cloud and the 50-period moving average.
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