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EURUSD reverts to correction after 5day rally

Major currencies closed lower by the end of the week,  except for sterling. The list of underperformers included the Australian dollar 1.24, the New Zealand dollar 1.07, the Swiss franc 0.72, the Japanese yen 0.55, the euro 0.68, and the Canadian dollar 0.60. On Friday, January 7, the euro advanced 0.58 against the dollar to 1.1361. The NFP report let down investors with a low headline number. In December 2020, the US economy created 199k jobs vs. 400k expected. That said, other parameters of the report turned out to be upbeat, making it an overall positive print. Notably, the unemployment rate fell to 3.9, while average hourly earnings wage push inflation surged 0.6 MoM and climbed 4.7 YoY. The participation rate improved to 61.9. The October employment report was upwardly revised to 648k from 546k, and the November reading to 249k from 210k. The total upward revision amounted to 141k. Following the release, EURUSD shot up to 1.1365, while the DXY dropped to 95.70. Todays macro agenda GMT3 1230 Eurozone Sentix investor confidence index January 1300 Eurozone unemployment rate November Current outlook Major currencies are trading in the red, with the exception of the aussie. The market is recovering after Friday39;s NFP report. The report fell short of expectations despite some robust data points. The dollar on Monday has been clawing back Friday39;s losses from early morning. The key pair dropped to 1.1326. The pullback was 50 of the upward move from 1.1292 to 1.1386….

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