EUR/USD tumbles as US NFP report bolsters current Fed policy
The Euro falls against the US Dollar on Thursday following the release of June’s employment figures in the United States (US), which showed why the Federal Reserve (Fed) is not ready to reduce borrowing costs. At the time of writing, the EUR/USD trades at 1.1744, down 0.45%.
The Nonfarm Payrolls (NFP) report took center stage on Thursday, as it fell on a shortened week in observance of the US Independence Day. The data pushed aside investors' hopes for a rate cut, exceeding estimates and May’s print. Additional metrics showed that the Unemployment Rate fell and Average Hourly Earnings remained steady.
Recently, breaking news revealed that US President Donald Trump's “One Big Beautiful Bill” has been passed by the US Congress and is expected to be signed on July 4, at 5:00pm EST, according to the White House.
Source: FXstreet