Strong US non-farm payrolls and Greek euro concerns
Strong US non-farm payrolls and Greek euro concerns

Strong US non-farm payrolls and Greek euro concerns dollar rose over the weekend on Friday on gains in the US labor market. The U.S. Labor Department reported that nonfarm payrolls rose to 257,000 in January, beating economists’ expectations of 236,000.

Average hourly earnings in the US rose 0.5%, compared with the previous estimate of 0.3%. If the unemployment rate is released at 5.7% in January, it is no better than 5.6% in the previous period.

The US unemployment rate is still falling, although rising slightly. Some U.S. employment data points to solid job growth and a strong recovery in wages.

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More than 1 million jobs were created in the last quarter since the end of 1997. Markets are also focused on speculation about the Fed’s benchmark interest rate, which is expected to start raising rates in the middle of the year 2015.

The dollar’s strength has suddenly weakened its rival the euro. After Friday’s release of US labor market data, the euro fell 1,600 points. The euro was also under selling pressure on fears that the newly elected Greek government would extend its bailout.

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Greek Finance Minister Yanis Varoufakis will not agree to meet with his eurozone partners on Wednesday to maintain current international aid. Instead, Greece will seek a “transitional deal” to continue funding until it reforms its new debt program.

Greece will continue to meet its obligations to its eurozone partners and creditors, which were agreed with previous governments.

Technical analysis

On the 1-hour chart (H1), the EUR is currently trading in a triangle. With the RSI suggesting a potential recovery for the euro, the market will likely see 1.12950 as a key support level for the day.

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EUR may rise to 1.13960 – 1.14960 in the short term. A cautious break below 1.12950 could take the euro back to 1.10940.


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