The EUR/USD trims some of Tuesday's losses though it remains shy of claiming the 1.1700 figure, despite broad US Dollar weakness across the board. Economic data in the US strengthened the chances that the Federal Reserve could resume its easing cycle at the September meeting. The pair trades at 1.1656, up 0.17%.
Euro advances amid Dollar softness, with markets eyeing NFPs despite hawkish Fed pushback on easing
An improvement in market mood prompted investors to buy the Euro, following a worse than expected Job Openings and Labor Turnover Survey (JOLTS) report for July. As the number of vacancies diminished and Factory Orders plunged, the Greenback depreciated against the single currency.
After the data, the chances that the Fed will cut rates as odds remain above 90%, revealed the Prime Market Terminal interest rate probabilities tool.
Federal Reserve officials led by Minnesota's Fed Neel Kashkari and Atlanta's Fed Raphael Bostic were hawkish, saying that bringing inflation towards the Fed's 2% goal is the priority, acknowledged that the labor market is cooling.
St. Louis Fed Alberto Musalem remains the most hawkish member of the board, said that current restrictive monetary policy stance is in the right place. Meanwhile, Fed Governor Christopher Waller continued its campaign to reduce rates at the September meeting.
Traders' eyes shift to Nonfarm Payroll figures on Friday, with economists expecting the economy to add 75K jobs in August. Before that, Initial Jobless Claims on Thursday and the ADP National Employment Change, could be a prelude of what's coming in the labor market.
Source: Fxstreet
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