EURUSD with fifth daily drop in a row
US jobs market data released today (JOLTS report) turned out to be much weaker than expected, what supports view that Fed should not raise rates anymore. On the other hand, some concerns arose that market financial conditions have gotten so ease that Fed may still be considering hiking rates in December. It should be noted that 10-year US yields are dropping 8 basis points today, to 4.17%. Pullback in European yields was even stronger with 10-year German yield dropping over 10 basis points, to 2.24%. A strong drop in yields is supporting equity markets with DE30 trading just a touch below all-time highs!
EURUSD is trading lower for the fifth session in a row, spare for a small, post-opening gain on Sunday (marked with red circle on the chart below). Pair is trading over 2% below its recent local high, following today's 0.5% drop. Main currency pair dropped below 1.08 mark today as well as the 38.2% retracement of the last major upward impulse.
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Source: xStation5
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