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EUR/USD Forecast: EUR/USD holds in range after a disappointing US ADP survey

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Financial markets were mostly quiet throughout the first half of the day, with the US Dollar achieving modest intraday gains amid prevalent caution.

EUR/USD Current price: 1.0875 The Hamburg Commercial Bank released the final estimates of the Eurozone. The United States ADP survey showed the economy created 152K private jobs in May. EUR/USD is technically neutral, with a limited bearish potential in the near term. Still, USD gains were modest ahead of the release of United States employment-related data. The EUR/USD fell towards the 1.0850 but bounced afterwards, still trading within familiar levels.

German figures suffered upward revisions, although the final EU estimates came in slightly below expectations, weighing on the shared currency. Ahead of Wall Street’s opening, the US released the ADP survey on private job creation, showing 152K new positions were added in May, worse than the 173K expected and below the 188K posted in April. The US Dollar moved marginally lower with the news.

 

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