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The demand for labor was starting to slow

The demand for labor was starting to slow | 03 June 2022

03 June 2022, EUR/USD

The demand for labor was starting to slow

EURUSD trading plan:

U.S. private payrolls increased far less than expected in May, which would suggest demand for labor was starting to slow amid higher interest rates and tightening financial conditions. Private payrolls rose by 128,000 jobs last month, the ADP National Employment Report showed. Data for April was revised down to show 202,000 jobs added instead of the initially reported 247,000. Government data showed that there were 11.4 million job openings on the last day of April, which lowered the job-workers gap to a still-high 3.3% of the labor force from 3.6% in March. The Federal Reserve is attempting to cool demand for labor, in order to lower inflation, without driving the unemployment rate too high.

Investment idea: buy 1.0739 and take profit 1.0789.

David Johnson
Analyst of «FreshForex» company
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