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EUR/USD Rebounds Sharply As Weak US Jobs And GDP Data Sinks The US Dollar
Friday, 30 May 2025 04:04 WIB | EUR/USD |EUR/USD

EUR/USD strengthened after hitting a weekly low of 1.1210, up more than 0.70% on Thursday (5/29) as weak US jobs data weakened the US dollar, which was also hit by falling US yields. At the time of writing, the pair was trading at 1.1376.

The US economic report revealed that Americans filing for unemployment benefits increased in the week ending May 24, as reported by the US Department of Labor. Moreover, confirmation of a contraction in Gross Domestic Product (GDP) figures for Q1 2025 weighed on the greenback and lifted EUR/USD above the 1.1300 mark.

Following the release of the data, traders are pricing in nearly two more 25 basis point (bps) interest rate cuts by the end of the year, according to the December 2025 federal funds rate futures contract.

Other data showed that Pending Home Sales in April fell by the most since September 2022.

Meanwhile, traders are buying the greenback, which according to the US Dollar Index (DXY), is down 0.57%, at 99.30.

Across the ocean, the Eurozone (EU) economic data is quiet today. However, the data is set to pick up on Friday. Germany will release April Retail Sales and May inflation figures. Italy will show inflation figures.

In the US, EUR/USD traders will take cues from the Core Personal Consumption Expenditures (PCE) Price Index, the Fed's favorite inflation gauge, which is expected to have slowed modestly in April. (alg)

Source: FXstreet

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