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Forex

US Dollar Bulls Emerge Ahead of June Payroll Report

Guavy AI Editorial Team
Instruments
EUR USD
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The US Dollar bulls have emerged ahead of the highly anticipated US payroll report. According to eFXdata, the EUR/USD pair initially traded near 1.1540 in New York but eventually saw a significant drop to 1.1515 due to bearish pressure. The buying theme for the USD was fueled by soured risk sentiment and rising US yields.

Gold, silver, and stocks fell as a result of the risk-off trading environment, while the USD/CNH gained strength. Technical indicators suggest that the EUR/USD pair is experiencing ongoing consolidation of gains off its July 28 low, which is considered a bullish signal.

The upcoming US June payroll report is expected to be the catalyst for the next directional move in the market.

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