USD strengthens as NFP beats expectations, driving major pairs lower
The US dollar surged across the board following stronger-than-expected Non-Farm Payrolls data, with June employment rising by 147K versus 110K forecast. EUR/USD dropped 0.4% to 1.0820, while GBP/USD fell 0.5% to 1.2650. The robust jobs report was complemented by ISM Services index at 50.8 (vs 50.5 expected) and lower jobless claims at 233K (vs 240K forecast). Fed's Bostic reinforced hawkish sentiment, citing significant risk of persistent upward price pressure. The dollar index climbed to 106.20, approaching recent highs. Technical analysis shows EUR/USD testing support at 1.0815, with next target at 1.0780 if broken. GBP/USD faces immediate support at 1.2640. Markets are now pricing in higher probability of sustained Fed rates, potentially delaying any dovish pivot. Traders should monitor upcoming inflation data for further USD direction.
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