EURUSD is in consolidation. Overview for 08.04.2024

The primary currency pair is stagnant on Monday. The current exchange rate for EURUSD stands at 1.0833.

The US dollar managed to recoup some of its earlier losses after the US released employment market statistics for March. Employers hired more workers than expected last month, which may postpone the date of the Federal Reserve's first interest rate cut.

The number of non-farm payrolls rose by 303 thousand in March against the forecasted expansion of 200 thousand. Average hourly earnings rose by 0.3% m/m, aligning with expectations. The unemployment rate declined to 3.8% from 3.9%, with no forecasted revisions.

According to CME FedWatch monitor CME, the likelihood of a Fed interest rate cut at the June meeting is estimated at 54.5%.

The market believes that rates should indeed be lowered. However, whether or not they will decrease rapidly is an open question.