Euro Rebounds Against Dollar After Initial Selling

The euro strengthened against the US dollar in New York trading on August 4, after initially falling due to the stronger-than-expected US employment report.

The EUR/USD pair briefly dropped to 1.1585, its lowest level of the session, but recovered to around 1.1623 shortly before 11 p.m., as position-adjustment buybacks gained the upper hand and U.S. long-term yields reversed course from rising to falling.

The US Federal Reserve 'needs to act wisely,' according to President Trump's social media post, which some interpreted as pressure on monetary policy, but had a limited direct impact on EUR/USD.