The unemployment rate of the US fell to 13.3%, down from 14.7% in April, as businesses started hiring again.

Firms in the food, construction, and health care sectors started again to take staff. In total, employers added 2.5 million jobs, with the education and retail sectors also recruiting. It came as US states started rolling back some of the tough measures put in place to control the spread of the corona virus. As businesses start reopening, firms are beginning to rehire their employees.

Economist Justin Wolfers, a professor at the University of Michigan, tweeted: “It’s hard to escape the conclusion that the economy bottomed in early/mid-May,” he said. “We’re in a massive and deep hole, and it’ll take a while to climb out, but at least the hole isn’t getting any deeper.”  “Really Big Jobs Report. Great going President Trump (kidding but true)!” he wrote. President Donald Trump, who has maintained the economic rebound will be swift, immediately took to Twitter to celebrate the numbers and claim credit.

The production in Germany has a drastic decrease again in April 2020 because of the pandemic and lockdown, after a  decrease already observed in March. In April 2020, production in the industry fell to by 17.9% on the previous month on a price, seasonally and calendar-adjusted basis according to provisional data of the Federal Statistical Office. The calendar-adjusted year-on-year decrease was as much as 25.3%. This is the largest decline since the beginning of the time series in January 1991.

Later for the day, European Central Bank (ECB) President Christine Lagarde (November 2019 – October 2027) is to speak. Her speech will affect the value of the Euro. Traders will keep an eye on her speech to get updates regarding future monetary policy and interest rate shifts. Her comments may determine a short-term positive or negative trend.

EUR/USD 4 Hour Chart:

Support: 1.1249 (S1), 1.1211 (S2), 1.1144 (S3).

Resistance: 1.1354 (R1), 1.1421 (R2), 1.1459 (R3).

Based on the unemployment rate of US and German Industrial Report we are expecting a Bearish trend for EUR/USD. Whether the upcoming news ‘European Central Bank (ECB) President Christine Lagarde speaks’ makes a difference in the trend is yet to see.