EUR/USD could dip below 1.08 on a real whopper of a labor market report – Commerzbank

Market news

7 July 2023

EUR/USD could dip below 1.08 on a real whopper of a labor market report – Commerzbank

What should we expect from today’s data? Antje Praefcke, FX Analyst at Commerzbank, analyzes how the US labor market report for June could impact the USD.

USD reaction likely to be more pronounced in case of a disappointing result

If the market sees even the smallest indication that the labor market in the US is not as robust as expected, I expect to see a weaker Dollar.

The reaction of the Dollar is likely to be more pronounced in case of a disappointing result. It would probably require a real whopper of a labor market report in order to push EUR/USD at or even below the 1.08 level.

See – Nonfarm Payrolls Preview: Banks see labour market still quite strong

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