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EUR/USD consolidates below 1.3000

FXStreet (Córdoba) - After the release of the NFP EUR/USD rose to 1.2985 but failed to hold near the highs and pulled back toward 1.2950. Since the beginning of the American session it has remained steady around 1.2975 and 1.2940, consolidating near 14-month lows.

Greenback was able to recover from most of the losses that followed the release of the US employment report. “The weaker than expected August US Labour report highlights our view that the market may have become too optimistic in their expectations about when the Fed can start to hike the Fed rates rate. While expectations regarding the pace of the USD recovery could be moderated, we remain of the view that the USD has embarked on a long-term recovery and have shifted our 12 mth EUR/USD forecast to 1.25 from 1.28”, said Jane Foley, Senior FX Strategist at Rabobank.

EUR/USD and another weekly loss

The pair was trading almost 200 pips below the price it had seven days ago, headed toward the eight weekly decline in a row and the lowest close since June 2013. The main trend remains bearish with EUR/USD approaching 2013 lows that lie at 1.2740/50.

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