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FXstreet.com (Córdoba) – Greenback lost ground after the release of the ADP employment report across the board. EUR/USD jumped to 1.4797 posting a fresh intra-day high. Currently the pair trades at 1.4784/86, 0.42% above today’s opening price. On the upside the next resistance lies at 1.4810 (Nov 3 high) and above at 1.4860 (Oct 30 high).
The Automatic Data Processing has published its employment report with a decrease of 203k in October, less than 254k posted in September. Market expectations were a decline of 200k jobs in October.
The KBC Market Research Desk affirms: “If the sharp correction in equities and the more moderate decline in EUR/USD were due to a return of risk aversion and fears that the FOMC would start to redraw liquid-ity in the near future, an outcome of the FOMC meeting as outlined above (little changes), would suggest the correction in equities and in EUR/USD may be over. This does not mean that equities should revisit new highs or that EUR/USD would overshoot on the upside.“
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