The Forex market witnessed notable movements last week, with the EUR/USD pair struggling to maintain upward momentum despite a softer U.S. dollar. The pair remained under pressure near the 1.08 level amidst cautious investor sentiment ahead of key economic data releases, including the U.S. Non-Farm Payrolls. Market participants are closely monitoring price action, as renewed hawkish signals from the Federal Reserve could limit euro gains. Meanwhile, technical indicators suggest the pair may face resistance near 1.0850, with potential downside support around 1.0720.
GBP/USD traded within a narrow range following the UK general election, which ended in a strong Labour Party victory, removing a layer of political uncertainty. However, the British pound saw limited reaction, as attention now shifts to economic fundamentals and Bank of England policy outlook. The pair hovers around the 1.28 level, with resistance seen at 1.2850. USD/CAD, on the other hand, saw a slight rebound due to firmer oil prices and upcoming Canadian economic data, with traders watching the 1.36 zone for further directional cues. Overall, FX markets remain sensitive to macroeconomic signals and central bank rhetoric.
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