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The European currency managed to regain some of the positions paired with the US dollar on Friday, even despite a good report on employment in the United States. The pressure on the dollar was formed after a series of speeches by Fed officials, who talked about the likelihood of lowering interest rates in the United States, which the White House has recently insisted on.
According to the US Department of Labor, due to the fact that American employers increased the growth rate of jobs in April this year, unemployment fell to a new low.
As indicated in the report, the number of non-agricultural jobs in April 2019 increased by 263,000. The unemployment rate fell to the lowest in the last 50 years and amounted to 3.6%. A good sign of a healthy labor market was also the growth of average hourly earnings in the private sector, which increased by 3.2% compared with the same period last year.
Economists had expected job growth to reach 190,000, while unemployment would remain unchanged at 3.8%. Data for March has been revised. The growth of jobs amounted to 189,000.
A good report on the labor market was offset by a slowdown in non-production activity. According to the Institute for Supply Management, the Purchasing Managers Index (PMI) for the non-manufacturing sector of the United States in April fell to 55.5 points. Let me remind you that the index values above 50 indicate an increase in activity. Economists had expected the index to be 57.0 points in April.
According to IHS Markit, the final Purchasing Managers Index (PMI) for the US service sector in April 2019 was 53 points against 55.3 points in March, which indicates a slowdown in production growth. The decline was due to weak growth in new orders.
As noted above, the speeches of the Fed representatives put temporary pressure on the US dollar. For example, the head of the Federal Reserve Bank of St. Louis, James Bullard said that the Fed's economy and policies are in excellent condition, but the outlook for monetary policy has changed noticeably, which may lead to a softening of financial conditions in the future.
Fed spokesman Charles Evans noted during an interview that if inflation weakens, the Fed may need to lower rates, and the future outlook for Fed policy depends on the rate of core inflation. Evans also noted that, despite the fundamental fundamentals of the economy, which are quite strong, downward risks persist.
As for the technical picture of the EURUSD pair, further prospects for the movement of the trading instrument seem vague. Bears can prove themselves after returning and updating the resistance level of 1.1220, while the bulls will be clearly set to hold large support of 1.1160, from which an attempt will be made to build the lower limit of the new upward channel. The goal will be to update the highs of last week around 1.1290.
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