Euro comes under pressure around 1.0880 vs. the US Dollar.
Stocks in Europe extend the weekly rout so far.
EUR/USD falters once again around the 1.0900 region.
US jobs report takes centre stage later in the session.
ECB’s Christine Lagarde, Luis De Guindos speak later in the day.
The Euro (EUR) fails to surpass the key 1.0900 barrier vs. the US Dollar (USD) so far on Friday, allowing the resumption of the selling bias around EUR/USD amidst the broad-based cautious trade prior to the release of the US labour market report for the month of June.
In the meantime, the Greenback’s price action remains directionless when gauged by the USD Index (DXY), while the recent strong rebound in US seems to be taking a breather at the end of the week.
The potential future actions of the Federal Reserve and the European Central Bank (ECB) in normalizing their monetary policies remain a topic of ongoing debate amidst increasing bets about an economic slowdown on both sides of the Atlantic.
Furthermore, the likeliness of a 25 basis point rate hike by the Fed at its July meeting has been lately reinforced in response to robust results from the US calendar, which kept showing a resilient US economy and a tight labour market.
In the domestic data space, Industrial Production in Germany contracted 0.2% MoM in May, while Retail Sales in Italy expanded 0.7% also in May vs. the previous month.
Across the Atlantic, consensus expects the US economy to have created 225K jobs in June and the Unemployment Rate to have eased to 3.6% in the same period
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