The euro surged towards $1.08, marking its strongest level since April 9th, as traders revised their expectations for interest rate cuts following the release of a weaker-than-anticipated US jobs report. The data revealed that the US economy added fewer jobs than projected last month, with only 175,000 jobs created, prompting investors to accelerate their predictions of the Federal Reserve's first rate cut from November to September. Additionally, annual wage growth eased to 3.9%, while the jobless rate unexpectedly rose to 3.9%. Meanwhile, in Europe, a steady inflation rate and moderate GDP growth from the Eurozone, released earlier, have further bolstered the case for a potential interest rate cut by the ECB in June.
The EURUSD increased 0.0065 or 0.60% to 1.0762 on Friday May 3 from 1.0697 in the previous trading session. Historically, the Euro US Dollar Exchange Rate - EUR/USD reached an all time high of 1.87 in July of 1973.The euro was only introduced as a currency on the first of January of 1999. However, synthetic historical prices going back much further can be modeled if we consider a weighted average of the previous currencies. Euro US Dollar Exchange Rate - EUR/USD - data, forecasts, historical chart - was last updated on May 4 of 2024.
The EURUSD increased 0.0065 or 0.60% to 1.0762 on Friday May 3 from 1.0697 in the previous trading session. The Euro US Dollar Exchange Rate - EUR/USD is expected to trade at 1.06 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1.04 in 12 months time.