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EUR/USD hits nine-week highs as soft US jobs data pressures US Dollar
Key Takeaways (30s Read)
The Euro hits nine-week highs against the Dollar as US jobless claims disappoint.
The Euro (EUR) continues its rally against the US Dollar (USD) on Thursday, rising in response to softer US Initial Jobless Claims data. At the time of analysis, EUR/USD trades at 1.1748, marking the highest level since October 3. As traders react to this economic indicator, selling pressure on the Dollar has increased, causing a notable shift in market sentiment favoring the Euro. This is likely to lead to further upward momentum for EUR/USD as uncertainty around the Dollar persists.
AI Analyst
AI Opinion
"The weaker-than-expected US Initial Jobless Claims data is seen as a significant factor undermining confidence in the Dollar. Concerns about the previously resilient US economy are rising, potentially leading to calls for a reassessment of monetary policy. In this context, signs of improvement in the Eurozone's economy could continue to support the Euro. While further Euro strength is anticipated, traders should remain cautious of Dollar fluctuations and adjust their positions accordingly."
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