EUR/USD continues oscillation around 1.0960 as investors turn cautious ahead of US Employment EURUSD Fed ECB SEO Employment
witnessed selling pressure on Tuesday as the release of the downbeat US Job Openings data after declining Manufacturing activities triggered the risk of recession.
On Tuesday, the US Job Openings data displayed the economic data for demand for labor below 10 million for the first time since 2021. This allowed the contracting US Manufacturing sector to join hands with the declining demand for labor and conveyed the message of cooling the US labor market due to a bleakBack-to-back weak economic data is deepening fears of a recession in the US economy. Therefore the street is anticipating an early pause to the policy-tightening spell by the Federal Reserve.
Also, the release of the US ISM Services PMI data will provide major clarity. The US Manufacturing sector has been contracting for the past five months as a figure below 50.0 is considered a contraction. And, contraction in the services sector would stem anticipation of contracting Gross Domestic Product on a quarterly basis. The US ISM Services PMI is expected to contract to 54.5 from the former release of 55.1. Also, New Orders Index that reflects forward-demand would drop to 57.
Apart from that, expectations for economic growth over the next 12 months became less negative, and expectations for the unemployment rate in 12 months have decreased.is marching towards the horizontal resistance plotted from February 01 high at 1.1033 on a four-hour scale. The shared currency pair is auctioning in a Rising Channel chart pattern in which each pullback is considered a buying opportunity by the market participants.
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