EURUSD is consolidating after reaching its 10-week highs.
The major currency pair reached its highest level since February 26th earlier and is now consolidating close to it. The current quote for the instrument is 1.2158.
The statistics on the US labor market published last Friday were rather mixed. The Unemployment Rate went from 6.0% in March to 6.1% in April, although it was expected to show 5.8%. The Non-Farm Employment Change was 266K after being 770K the month before and against the expected reading of 990K.
At the same time, the Average Hourly Earnings added 0.7% m/m in April after losing 0.1% m/m in the previous month.
It seems like the labor market lacks both a skilled labor workforce and raw materials.
It wasn't long before the White House commented on the statistics by saying that the country’s economy had a long way up and this ascent would be pretty sharp. At the same time, people in the government believe that the stimulus package is starting to show the effect and help the economy to overcome the slump caused by the coronavirus pandemic.
We remind you that the White House is lobbying appropriation of funds and creation of additional infrastructure. The Republicans are against it pointing at risks and inflation but they are unlikely to stop the Democrats.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.