EUR/USD Surges Unexpectedly—Is the Fed’s Next Move About to Shake Your Portfolio to Its Core?
Wall Street extended its losses amidst fears of an economic slowdown in the US. July Nonfarm Payroll (NFP) figures were expected to be weaker compared to June’s, but the downward revisions of the previous two months, alongside last month’s print, drove the EUR/USD higher.
Alongside this, the Institute for Supply Management (ISM) revealed that manufacturing activity contracted. Meanwhile, the University of Michigan (UoM) Consumer Sentiment in June deteriorated, ending a bad day of economic reports for the US economy.
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