EURUSD is going deeper down. Overview for 06.12.2023

The main currency pair on Wednesday continues falling. The current EURUSD exchange rate stands at 1.0793.

Bulls in the USD are back on scene. At the same time, attention is focused not as much on the Fed's interest rate but on the ECB's rate. Earlier the ECB's representatives mentioned that inflation in the eurozone was under control, so the reasons for further tightening become more and more scarce.

Market attention is shifting to the US employment statistics. The first report will come out today, which is the private sector payrolls for November. However, investors are much more interested in the real economy situation represented by the NFP report scheduled for Friday. Nonfarm payrolls are one of the most convincing indicators of the economic situation.

Expectations from this report are quite assertive. The economy must have created 180 thousand new jobs. If reality lives up to the forecasts, this release will be better than the previous one. The unemployment rate in November is likely to remain at 3.9%.

High NFP levels will mean that the monetary policy carried out by the Federal Reserve is still adequate. This could provide strong support for the USD.