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Investors must accept the weak Euro


7 October 2022

The major currency pair is looking weak on Friday. The current quote for the instrument is 0.9800. Investors revived their interest in “safe haven” assets amid deterioration of market sentiment and the USD is taking the centre stage. At the same time, the Euro is getting weaker after the comments from the International Monetary Fund about raising concerns about global recession and worsening forecasts of the global economy next year.

Yesterday, the US reported on the Unemployment Claims, which showed 219K against the expected reading of 205K. The last week’s reading was revised downwards. It looks like the previous improvement was local.

Today’s trading session is going to be interesting. The US continue publishing the labour market statistics. The Unemployment Rate is expected to remain at 3.7%, while the Average Hourly Earnings might add 0.3% m/m. The key highlight is the Non-Farm Payrolls, which may show 265K In September after being 315K the month before. The US FOMC is keeping a close eye to the statistics – the data will help the regulator make monetary policy effectiveness. As a result, EURUSD might get more volatile in the evening.

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