10 July 2023, EUR/USD
EURUSD trading plan:
The U.S. economy added the fewest jobs in 2-1/2 years in June, but persistently strong wage growth pointed to still-tight labor market conditions that most certainly ensure the Federal Reserve will resume raising interest rates later this month. Nevertheless, the pace of jobs growth remains strong by historical norms and added to data this week showing an acceleration in services sector activity in suggesting that the economy was nowhere near a long-forecasted recession. Job growth averaged 278,000 per month in the first half of the year. The economy needs to create 70,000-100,000 jobs per month to keep up with growth in the working-age population. With workers still scarce in some industries, average hourly earnings rose 0.4% after climbing by the same margin in May. That kept the annual increase in wages at 4.4% in June, too high to be consistent with the Fed's 2% inflation target.
Investment idea: sell 1.0975 and take profit 1.0890.
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