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EURUSD: Intraday Analysis & Forecast update

The euro could extend its gains against the U.S. dollar if U.S. payrolls data, due at 1230 GMT, show a rise of below 200,000, Francesco Pesole, FX strategist at ING, says in a note. “We think a print below 200k [which is the forecast in The Wall Street Journal’s poll of analysts] should put pressure on the dollar,” he says. This would add to recent signs that the U.S. jobs market is softening, leaving the Federal Reserve “in a comfortable position to start cutting [interest rates] in the summer,” he says. A sub-200k U.S. payrolls print should pave the way for the euro to rise back towards the 100-day moving average around $1.0875, he says.


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