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EUR/USD firms as Fed hike odds drop after softer US jobs data
Societe Generale notes EUR/USD has squeezed above a key resistance, with September Fed pricing now below 50% after the latest employment data.
Societe Generale strategists said EUR/USD has gained after the US dollar weakened, pointing to softer US employment data that has reduced market expectations for a September Fed hike.
According to the firm, the pair has squeezed above a key resistance level, and it could face further upside if the ECB delivers another hike while the Fed pauses.
Societe Generale also flagged EUR/USD resistance in a zone around 1.1610 to 1.1625, adding that pricing for a September hike has been cut to less than 50%, down from 72% at the end of July.
The FXStreet piece also notes the pair has been holding near the 1.1550 area in the European session, after retreating from recent highs following disappointing US jobs data.
Latest closeEUR/USD 1.152 ▼0.3%