EUR/USD, GBP/USD Rise as Tech Sell-Off Sparks Safe Haven Dollar Exit
EUR/USD gained 0.4% to 1.0875 and GBP/USD advanced 0.35% to 1.2420 as risk-off sentiment gripped markets following disappointing US jobs data. The tech-heavy Nasdaq 100 plunged 2.3%, triggering a rotation out of dollar positions amid growing concerns about US economic growth. US employment indicators showed unexpected weakness, with jobless claims rising to 245K versus 230K expected, while private payrolls missed estimates. The dollar index (DXY) retreated 0.5% from weekly highs as traders reassessed Fed rate expectations for 2024. European equities showed relative resilience with the FTSE 100 down only 0.8%, supporting both the euro and sterling. Technical indicators suggest EUR/USD faces resistance at 1.0900 with support at 1.0850, while GBP/USD eyes 1.2450 resistance. The shift in market sentiment could accelerate if Friday's NFP data confirms labor market softening.
Related Symbols:
EURUSD
GBPUSD
This is a summary of the original article by investing.com. To read the complete article, please visit the source website:
Read Full Article at investing.comNews data provided by Marketaux. ForexSentiment.live provides this summary as a convenience with proper attribution to the original source. The full article is available at the original publisher's website.
