Euro Stalls at $1.16 as US Jobs Report Looms

The euro has been holding steady near $1.16 as markets await the US jobs report on Friday, which will set the tone for the week's main event.

Last week, Federal Reserve Governor Warsh gave a hawkish speech at Jackson Hole, boosting expectations of a rate hike in September.

The jobs report is expected to show around 50,000 new jobs and an unemployment rate near 4.1%, but a stronger reading would support Warsh's case for a rate hike and could push the euro below $1.16.

In contrast, another weak reading would challenge September hike expectations, pressure Treasury yields, and give the pair a cleaner route back toward recent highs.