The main currency pair is on the rise on Friday. The current EURUSD exchange rate stands at 1.0880.
Today promises to be a significant day for currency investors as the US prepares to release employment market statistics for January – and more.
Per average expectations, the unemployment rate increased to 3.8% last month from the previous 3.7%. Non-farm payrolls rose by 185 thousand, a decrease from December's figure of 216 thousand.
The employment market may indeed be cooling off. Both ADP's private sector jobs statistics and Challenger's layoff data confirm this trend. However, the NPF data throughout 2023 contradicted these signals, so let us observe the current situation.
In addition to the employment reports, a preliminary calculation of the consumer confidence index from the University of Michigan will also be released.
The second half of the day will be volatile for EUR/USD, but the surge in activity will end there.