EURUSD remained stable. Overview for 11.05.2020

The major currency pair is rather neutral on Monday; market players managed to keep down their emotions after the Friday statistics.

EURUSD is looking neutral early in another week of May. The current quote for the instrument is 1.0836.

And more importantly, investors were able not to go to pieces and prevent prices from market fluctuations after the USA reported on its labor market last Friday. The Unemployment Rate went from 4.4$ in March to 14.7% in April. This is an absolutely astonishing reading, but still better than expected (16.0%). Most part of these people is employees from the service industry, who are expected to get their jobs back right after quarantine restrictions are canceled. 

The Non-Farm Employment Change showed -20.5M in April after being -870K in March and against the expected reading of -22M. In May, the situation may be similar. 

The Average Hourly Earnings added 4.7% m/m in April after expanding by 0.5% m/m the month before and against the same expected reading. It looks like those employees who are now working morу hours got a raise. 

Most likely, the May data will be pretty much the same. One can’t exclude the possibility that in June the Unemployment Rate may reach 20%. After that, there might be some stabilization provided that quarantine restrictions are removed by the beginning of summer.