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Forecasts say that US employment will grow by 210,000. However, this will not maintain stability in the labor market alone, so the market expected a weakening of dollar. Surprisingly, the data actually showed an increase of 324,000, indicating a further reduction in the unemployment rate. This means that the situation in the labor market continues to improve, which in turn increases the prospect of further economic growth in the US. Dollar continued to confidently grow after the publication of the data.
Change in US employment
Ahead lies the Bank of England's board meeting. A 0.25% rate hike will not affect anything, as the market already took into account such an increase. But if the bank directly states the need for further tightening, pound will rise sharply, possibly recovering almost all of its recent losses.
Bank of England rates
Pound's rise will pull euro with it. However, if the Bank of England follows the example of the European Central Bank and the Federal Reserve, saying that there will be no more interest rate increases, pound, along with euro, will confidently move downward.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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