Euro bulls are still to snap the dollar’s crushing streak despite mixed signals from the US economy.
The EUR/USD pair kickstarted the trading week with modest gains as the European currency was looking to take advantage of a day off in the US. While America is honoring Memorial Day, and US stock markets will remain closed, the exchange rate ticked some 50 pips to the upside to trade near $1.0750.
Despite an expected drop in trading volumes today, euro bulls are looking optimistic to gather whatever strength they have and snap the dollar’s 4-day winning streak. More broadly, since the euro peaked at this year’s high of $1.11, the pair has dropped some 350 pips, or just over 3%, in favor of the dollar.
Looking ahead, forex bros are eyeing the latest jobs data from the US. The nonfarm payrolls, or new jobs created, are due this Friday. The data is usually used as a gauge for the US economy’s health and can spark extreme volatility across assets. For May, analysts expect to see 180,000 news hires added, down from 253,000 in April.
