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| EUR/USD four-hour chart, source:FXDD.com |
Nothing is better than present in United States. On Friday, Non-Farm employment change in United States, April increased 263 thousands and unemployment rate fell to 3.6 percent. They were forecasted 181 thousands and 3.8 percent respectively. The unemployment rate recorded historic low in fifty years.
On Wednesday FOMC, Federal Open Market Committee unchanged Federal Funds Rate, 2.25 to 2.5 percent band. Fed Chair Jerome Powell spoke Fed would not reduce benchmark rate due to the inflation under the goal. And the GDP in first quarter in the United States recorded higher than that of market expectation a week ago. The economy-growth rate was released at annual rate of 3.2 percent and the market predicted 2.5 percent.
The positive economic records support the strong greenback. They made investors expect the recovery of global economy and led U.S. dollar down and euro up. It helped the currencies in emerging market up, too. But the risk of global recession except USA supports strong dollar.
The good records from America have helped traders, investors and analysts think only U.S. economy good but economy in others bad, and made greenback up, euro and etc. down. Dollar Index, showing the value of greenback compared to major six currencies recorded high.
Before non-farm employment change and the unemployment rate are released, market participants anticipated good record would lead dollar up.
But the released records today don't support strong dollar, yet. It's 1500(UTC). If the euro rises unlike the past, investors are expecting the global economy to recover through the US index.
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