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EUR/USD Outlook Unfazed by NFP Report as RSI Sits in Overbought Zone
The EUR/USD rally appears to be unfazed by the NFP report as the US economy adds 245K jobs in November versus forecasts for a 469K expansion, but signs of a slowing recovery may put pressure on the Federal Reserve to provide additional monetary support as Chairman Jerome Powell tells US lawmakers that the Federal Open Market Committee (FOMC) remains “committed to using our full range of tools to support the economy and to help assure that the recovery from this difficult period will be as robust as possible.”
As a result, the Fed may continue to endorse a dovish forward guidance at its last meeting for 2020 as Chairman Powell and Co. “assess how our ongoing asset purchases can best support our maximum employment and price-stability objectives as well as market functioning and financial stability,” and it remains to be seen if the central bank will talk up speculation for additional monetary support on December 16 as Dallas Fed President Robert Kaplan, a 2020-voting member on the FOMC, warns that the economic recovery could “stall out either by the end of this year or into the first quarter.”
Until then, key market trends may influence EUR/USD as the European Central Bank (ECB) appears to be on track to retain its current policy at its next meeting on December 10, and swings in risk appetite may sway the exchange rate as the US Dollar continues to reflect an inverse relationship with investor confidence.