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2025-08-01 20:51:41
[Non-farm payrolls surprise, dollar plunges, euro makes a comeback?] ⑴ July US non-farm payrolls data fell short of expectations. ⑵ Non-farm payrolls added only 73,000 jobs, far below the market's previous expectation of 110,000. ⑶ June's data was significantly revised downward to 14,000, instead of the previously reported 147,000. ⑷ Although the unemployment rate rose to 4.2% as expected, the weak jobs data still triggered a sharp market reaction. ⑸ As a result, both the US dollar and US Treasury yields plummeted, and the euro jumped to 1.1505 against the dollar, a single-day gain of 0.76%. ⑹ Technically, the euro has formed a daily bullish engulfing pattern and a bullish hammer candlestick candlestick, breaking above the daily cloud base, turning bullish. ⑺ The weak jobs report may rekindle market hopes for a Fed rate cut and continue to put pressure on the dollar. ⑻ Next, the market will focus on the upcoming data of the University of Michigan Consumer Confidence Index and ISM Manufacturing PMI to look for more clues.
