Forex
EUR/USD Surges Amid Weak NFP Report and Softening Inflation Expectations
The EUR/USD pair rose to its highest level since June 15 after the US Bureau of Labor Statistics released a weak nonfarm payrolls (NFP) report, causing the US Dollar Index (DXY) to drop to $99.43, its lowest point since June 17.
The NFP report revealed that the economy lost over 23k jobs in July after adding 20k in June, indicating a slowdown in growth.
Economists expect the upcoming US consumer inflation report on Wednesday to show that headline and core inflation softened last month, which could put pressure on the Federal Reserve to deliver a clear outlook for interest rates.