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6 Dec 2024

EUR/USD holds below 1.0600, US NFP data in the spotlight

  • EUR/USD edges lower to 1.0575 in Friday’s early European session, down 0.10% on the day. 
  • Trump tariff threats and rising bets on ECB rate cuts undermine the Euro. 
  • Investors await the US Nonfarm Payrolls (NFP) for November, which is due later on Friday. 

The EUR/USD pair weakens to near 1.0575 during the early European session on Friday. Fears mount about US tariffs on European goods, and rising bets of interest rate cuts by the European Central Bank (ECB) weigh on the Euro (EUR) against the Greenback. Later on Friday, the US Nonfarm Payrolls (NFP) will take center stage. 

The shared currency remains on the defensive as traders are worried about the potential tariff policies on all goods coming into the US, which could undermine the Eurozone economy. Furthermore, the ECB is widely expected to cut the interest rate in the final monetary policy meeting of the year. The ECB is anticipated to trim its deposit rate by 25 basis points (bps) on December 12, according to all but two of 75 economists polled by Reuters.

Elsewhere, French President Emmanuel Macron said on Thursday that he will appoint a new Prime Minister in the coming days whose top priority will be getting a 2025 budget adopted by parliament, per Reuters. Any signs of political uncertainty in France could contribute to the EUR's downside.

Across the pond, the expectation that the Federal Reserve (Fed) will lower borrowing costs at its December policy meeting might drag the Greenback and cap the downside for EUR/USD. The markets are now pricing in a 70.1% chance that the central bank will cut rates by a quarter point at its December 17-18 meeting, according to the CME FedWatch tool.

Euro FAQs

The Euro is the currency for the 20 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day, according to data from the Bank of International Settlements. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% of all transactions, followed by EUR/JPY (4%), EUR/GBP (3%) and EUR/AUD (2%).



 

 

 

 

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