The major currency pair remains weak early in another February week.
On Monday morning, EURUSD doesn’t seem to be plummeting but clearly remains rather weak. The current quote for the instrument is 1.0960, which is the lowest since October 2nd, 2019.
The statistics published last Friday revealed the sound stability of the US labor market in January. The Non-Farm Employment Change showed 225K after being 147K and against the expected reading of 163K. The Unemployment Rate increased up to 3.6%, although it wasn’t expected to change. The Average Hourly Earnings added 0.2% m/m, which is a bit lower than expected, but better than in December.
Two days before that, the ADP published their Non-Farm Employment Change report, which showed 291K. Taken together, these reports are an excellent indicator that the American employment market is quite stable. That’s a good sign for the USD.
Also, last Friday the USA reported on the Consumer Credit in December, which provided “greenback” with some additional support. The indicator showed 22.1B USD after being 11.8B USD in November and against the expected reading of 15.2B USD. This indicates the growth of customer activity and may later have a positive influence on other macroeconomic indicators.