EUR/USD Falls Further After Strong US Jobs Data; Low Volatility Limits Drop -- Market Talk

Dow Jones02-05

0812 GMT - Friday's bumper U.S. jobs data have knocked the possibility of a rate cut by the U.S. Federal Reserve as early as March "off the table" and this has caused EUR/USD to extend losses and fall under 1.08, says Chris Turner, global head of markets at ING, in a note. Steep losses from here are unlikely given the current very low volatility environment, though it's possible that EUR/USD could drop towards 1.07, he says. This would likely be a function of dollar gains rather than euro falls given that the eurozone data calendar is relatively light this week. EUR/USD last trades at 1.0781, having fallen to an 8-week low of 1.0768 in overnight trade, according to FactSet. (emese.bartha@wsj.com)

(END) Dow Jones Newswires

February 05, 2024 03:12 ET (08:12 GMT)

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Steep losses from here are unlikely given the current very low volatility environment, though it's possible that EUR/USD could drop towards 1.07, he says. This would likely be a function of dollar gains rather than euro falls given that the eurozone data calendar is relatively light this week. EUR/USD last trades at 1.0781, having fallen to an 8-week low of 1.0768 in overnight trade, according to FactSet. 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