FXBrokerFeed Reports EUR/USD Dump Despite NFP Report as BTC/USD Price Hit $7,000
Apr 5, 2020
The newly released NFP report reveals some disturbing statistics, with over 701,000 jobs lost in March. The unemployment rate also increased from 3.5% to 4.4%.
Ontario, Canada - April 4, 2020 /NewsNetwork/ —
The newly released NFP report reveals some disturbing statistics, with over 701,000 jobs lost in March. The unemployment rate also increased from 3.5% to 4.4%. Despite the figures, the US dollar remains strong against the Euro, as the EUR/USD price dumps further. In another report, the Bulls seem to be gathering momentum as BTC/USD trades above $7,000. Forex Broker comparison service, FXBrokerFeed, brings you the latest news updates and comments in the FX Broker Market, featuring EUR/USD price crash.
EUR/USD Dumps Further Despite NFP Report
FXBrokerFeed reports the continuous fall in the price of the EUR/USD pair amidst the COVID-19 disease crisis. The pair dumped further to trade below 1.0800 despite the dreadful figures released by Non-Farm Payroll (NFP).
Many traders expected the price of USD to weaken against the Euro, owing to the report. But, it was the other way round. In an FXStreet report, “the Non-Farm Payrolls report that showed a loss of 701,000 jobs, seven times worse than expected. The unemployment rate jumped from 3.5% to 4.4%, also worse than expected. It is the worst report since March 2009.”
FXBrokerFeed observed that the EUR/USD pair has lost up to 50% of its gain haven initially moved from 1.0640 to 1.1150. Traders are now gradually shifting their focus to the 1.0635 price mark, which is the 2020 low.
BTC/USD Trades above $7,000
Bitcoin and other cryptocurrencies continued to appreciate this week. BTC/USD traded above $7,000 on Friday, a sign that the Bulls may be in full force soon.
FXBrokerFeed gathered from experts that the Bulls are likely to come out forcefully if the pair closes above $7,000. The explosive push on Thursday shows that the Bulls are gathering momentum. While that is good news for traders, there is a need for caution because the market is still volatile.
Traders can take advantage of FXBrokerFeed’s 30-day free trial and register here: https://fxbrokerfeed.com/register-now/.
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Organization: FXBrokerFeed
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Source: NewsNetwork
Release ID: 88952404
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