All eyes are on whether the euro will fall against the dollar following the release of the employment report

All eyes are on whether the euro will fall against the dollar following the release of the employment report

05.05.2023

In yesterday’s U.S. currency markets, the U.S. dollar rose against the euro after data released yesterday showed that U.S. nonfarm labor productivity unit labor costs rose from 3.2% to 6.3% in the first quarter.The EUR/USD pair fell by about 100 pips from 1.1091 to 1.0985. On the hourly chart, it broke below the 200-period SMA. However, since it remains above the 20-period MA on the daily chart, we will be watching to see if the US dollar strengthens over the weekend.

Following the ECB’s policy rate announcement yesterday, the euro fell against the yen after the central bank raised rates by 0.25% to 3.75%, in line with market expectations. The EUR/JPY pair fell from 149.192 to 147.138. On the hourly chart, it has broken sharply downward from the 200-period simple moving average (SMA).Following yesterday’s decline, the EUR/JPY pair has fallen well below the 75-period moving average on the 4-hour chart and is currently trading just below the 20-period moving average on the daily chart. We will need to carefully assess whether the euro will recover against the yen following the ECB announcement.

Today’s schedule includes German manufacturing orders at 3:00 PM, the Swiss Consumer Price Index at 3:30 PM, French industrial production and the French manufacturing production index at 3:45 PM, the UK Construction PMI at 5:30 PM, and Eurozone retail sales at 6:00 PM,remarks by SNB Governor Jordan of Switzerland, at 9:30 PM: Canadian Employment Statistics and U.S. Employment Statistics, at 2:00 AM: remarks by Fed Governor Cook and remarks by St. Louis Fed President Bullard, and at 4:00 AM: U.S. Consumer Credit. We will be watching for any directional movement in the EUR/USD pair following the release of U.S. Employment Statistics.

Past Market Reports

1. 21.04.2026New

   With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

2. 20.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

3. 17.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

4. 16.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

5. 15.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

6. 14.04.2026

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

7. 13.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

8. 10.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

9. 09.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

10. 08.04.2026

    Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran