EURUSD: going down again. Overview for 05.09.2022

Our major starts the first full week of September by a decline. The current quote is 0.9920. The main factor that undermines the EURUSD rate is the development of the energy crisis in Europe. The EU, on its side, is doing everything to avoid fuel supply problems in the upcoming winter season, yet there are issues that do not depend on Europe. The growth of prices for energy carriers will go on heating up the European inflation that noticeably depresses the EUR.

The US labour market statistics on Friday turned out to be mixed. The NFP in August grew by 315 thousand places against the forecast 300 thousand. Average hourly wage grew by 5.2% y/y against the expected 5.3% y/y. Suddenly, the unemployment rare grew to 3.7% against the forecast 3.5%.

So, workplaces are still being created. However, the dynamics of the most important indicators in the employment sector demonstrates a slow-down. For the USD, this unequivocally means that in September, the Fed will continue raising the interest rate even higher.

On Monday, US markets are closed because of the Labour Day. Volatility will be lower but moods will remain passionate.