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USD Softer Despite Strong NFP
The US dollar has been a little softer over the European morning on Monday, retracing the gains posted on Friday on the back of a strong NFP. The headline NFP figure came in a 266k jobs vs 181k expected.
With the unemployment rate also falling to 3.5% from the prior and expected 3.6%, the data was very strong and should see the Fed keep rates unchanged at its rate-setting meeting this week. USD index trades 97.59 last, capped by the 97.69 level for now.
EUR Rises on Weak USD
EURUSD has been a little firmer so far today, benefiting from weakness in the US dollar. EURUSD trades 1.1066 last, straddling the middle of the range between the 1.1024 level and 1.1166. The main focus this week is on the ECB meeting on Thursday which will be the first headed by new ECB president Christine Lagarde. While we expect no further easing at this point, traders are anticipating dovish forward gu...
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