Daily FX Wrap Up

Traders were cautiously building up the EUR/USD pair in the early morning European session before the release of the Non-Farm Payroll Report. Most of the Eurozone data printed largely in line with expectations and was generally seen as positive. The Euro hit a high near 1.3105 before the US numbers dropped the market 100 pips to a low of 1.2980. Job growth in the month of December was quite strong with over 167,000 new jobs added to US payrolls, and average hourly earnings posted a slight increase. The impact of the report shows that the Federal Reserve might hold off on raising interest rates until the second quarter, as current data suggests that the economy can handle the current 5.25 percent. Heading into the weekend, it’s clear that the US news trumps most of the European Union’s releases. EUR/USD traded at 1.3001 at the close and has many bullish Dollars eagerly anticipating Sunday’s open. XPRESSTRADE Analyst David Hilgeman