The release of revised US employment data and the FOMC minutes has added downward pressure on the dollar. The updated figures show that in March, there were 818,000 fewer non-farm jobs than initially reported, suggesting that the US labour market continues to slow. This raises the possibility that the Fed may cut rates by 0.50% at the September meeting, rather than the 0.25% predicted by experts.

Given the current situation, traders will be closely watching the annual Jackson Hole symposium and Jerome Powell’s comments on the state of the US economy. Important data is also expected from the UK and Europe.

EUR/USD

Technical analysis of the EUR/USD pair indicates the potential for further price strengthening, supported by a strong bullish impulse on the daily timeframe after a series of buy setups. Yesterday, the price broke through key resistance at 1.1100. If this level turns into support, the pair may continue its rise towards last year’s highs at 1.1270-1.1240.

In the event of a downward correction, the price could test 1.1100-1.1070.

Key events for EUR/USD pricing:

• Today at 10:30 (GMT +3:00): Release of Germany's Manufacturing PMI
• Today at 11:00 (GMT +3:00): Release of the Eurozone's Manufacturing PMI
• Today at 14:30 (GMT +3:00): Release of the ECB’s monetary policy meeting minutes

GBP/USD

As anticipated, the GBP/USD pair broke its recent high at 1.3050 and tested 1.3100. If the upward movement continues, buyers will likely target last year’s highs at 1.3140-1.3120. If a downward correction begins, the price may test 1.3040-1.3000.

In the upcoming trading sessions, keep an eye on the following events:

• Today at 11:30 (GMT +3:00): Release of the UK's Services PMI
• Today at 15:00 (GMT +3:00): Jackson Hole Symposium
• Today at 16:30 (GMT +3:00): Release of the US Manufacturing PMI

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