EUR/USD faces a challenge around 1.0550 ahead of US NFP data

EUR/USD experiences downward pressure ahead of US data. ECB is expected to maintain its current interest rates; weighing on the Euro. Fed's assertion on monetary policy is contributing to the strength in US Bond yields. he upside, a trend that could be linked to the correction in the US Dollar following a decrease in US Bond yields. Germany's trade surplus for August decreased to €16.6 billion from €17.7 billion in July, surpassing the market's anticipated figure of €15.0 billion.

The 10-year US Treasury yield remains above 4.70%, close to its highest level since 2007. US Initial Jobless Claims for the week ending September 29 saw an increase to 207K from the previous reading of 205K. Surprisingly, this surpassed the market expectation of 210K. US Challenger Job Cuts have significantly decreased from 75.151K to 47.457K in September. Market participants watch for the upcoming release of US Nonfarm Payrolls and Average Hourly Earnings on Friday.

Source: Digital Coin News (digitalcoinnews.net)

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