EUR/USD Declines Despite NFP Report as BTC/USD Price Hits $7,000
Published on: 04/4/20 10:47 AM
The revelation from the recent Non-Farm Payroll (NFP) reports this week was terrifying, with the unemployment rate increasing to 4.4% from 3.5% and over 701,000 jobs lost in March 2020. Notwithstanding, the EUR/USD price plummeted further, as the US dollar remains strong against other major currencies. Also, BTC/USD is traded in the $7,000 region, an indication that the Bulls are gathering momentum for a significant upward push in the market. Forex Broker comparison service, FXBrokerFeed, brings you the latest news updates and comments in the FX Broker Market, featuring EUR/USD price crash.
EUR/USD Price Declines amidst NFP Disturbing Report
The just-released NFP Report revealed some disturbing statistics. According to the report, over 701,000 jobs were lost in March, with the unemployment rate rising from 3.5% to 4.4%. The report is arguably the worst for about 11 years.
Despite these stats, the US dollar
remains strong against other currencies like the EUR. It was reported that the EUR/USD pair plummeted further this week. So far, the pair has lost close to 50% of its initial gain when it rose from 1.0640 to 1.1150.
Currently, traders are gradually focusing on the 2020 low at 1.0635. It is not certain if the price will fall to that extent, as there is so much volatility in the market now.
BTC/USD Price Hits $7,000
Bitcoin traded above $7,000 on Friday, a pointer to an impending Bullish run. The cryptocurrency remained strong all week, closing in green for most days.
The Bulls’ explosive push that resulted in BTC/USD
trading close to $7,000 on Thursday was the first pointer. Experts believe that the Bulls are gaining momentum to control the market with full force. Irrespective of what indicators are showing, there is a need for caution while trading this period.
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