Baxia Markets
June 05, 2021

EURUSD down as unemployment insurance drops

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The euro slipped 0.7%, more than any closing loss since April 30 and the pair accumulated a loss of 1.22% in four trading sessions. Fundamental factors influenced the rose as most technical indicators suggested an uptrend.


Applications for U.S. state unemployment insurance dipped below 400,000 for the first time during the pandemic. Hiring has seen an acceleration as the country recovers from the crisis caused by the virus; this suggests an acceleration, and the economy strengthens as we head into the summer months.


EURUSD JUNE 3rd 2021


Initial claims in regular state programs decreased by 20,000 to 385,000 in the week ended May 29. The labor market continues to gain strength as some states have eased on pandemic restrictions and are more fully vaccinated. Other states continue with heavy pandemic restrictions 


According to a separate report by ADP Research Institute on Thursday, U.S. companies added 978,000 private payroll jobs in May, the most in nearly a year.


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