Euro Surges Above 1.1550 as Soft US Data Fuels Rally
The EUR/USD pair strengthened above 1.1550 as softer US data emerged, causing the US dollar to soften against the euro on Thursday.
In the Asian trading hours, the EUR/USD gained ground to around 1.1555. This came after US companies added 44,000 jobs in July, according to ADP, which was below market expectations of 70,000.
The Services Purchasing Managers Index (PMI) also improved to 54.1 in July from 54.0 in the previous month, but this reading came in short of expectations at 54.5.
Hopes of a breakthrough between the US and Iran have improved risk sentiment and provided support to riskier assets like the euro in the near term. Iranian officials cautioned that even if an agreement is reached, it would not automatically open the Strait of Hormuz to commercial shipping.