EUR/USD Still Struggling below 1.1600 Despite Poor NFP Date In The US

The US Dollar has been underperforming so far today following the poor NFP data reported in the United States last week.

Greenback Is Performing Well Despite Friday’s Poor NFP Data

The United States Dollar has been underperforming since Friday following the poor NFP data. However, the greenback is still battling against the major currencies, with the EUR/USD pair currently struggling below the 1.1600 level.

The EUR/USD pair experienced a modest rebound on Friday following the NFP data report. However, the pair recorded its fifth straight week in the negative territory despite the recovery efforts. The market is a bit optimistic today, with the EUR/USD pair now heading towards the 1.1600 level. However, it could suffer to attract more buyers unless it surpasses the key resistance level at 1.1620.

At the moment, the EUR/USD pair is trading at 1.1559, down by 0.11% over the past few hours. The Euros could still turn things around in the coming hours as the NFP data continues to affect the greenback’s performance.

On Friday, the United States published its Nonfarm Payrolls for September, revealing that jobs rose by 194,000. However, this missed the market expectations, as analysts had predicted a job increase of 500,000 during the month. The USD managed to battle against some of the major currencies due to the surging US Treasury bond yields.

EUR/USD Could Suffer To Push Higher Later Today

The US bond market is closed today because of the Columbus Day holiday. This will serve as an excellent opportunity for the pair to experience a technical correction. Despite that, the US stocks futures are currently declining, indicating that the EUR/USD pair could struggle to push higher later today.

Furthermore, the fundamentals continue to support the US Dollar against the shared currency. The US Federal Reserve is set to implement monetary support sooner than its counterpart in Europe, the ECB. At the moment, the EUR/USD pair is testing the 1.1585 level, close to its 50-period SMA.