Data released Friday showed U.S. nonfarm payrolls rose by a larger than expected 209,000 jobs last month. The unemployment rate fell to 4.30% to coincide with a 16-year low achieved in May. Average hourly earnings grew by 0.30% to match forecasts after gaining 0.20% in June. The strong jobs report saw dollar bulls re-enter the market amid renewed hopes of a December interest rate hike by the Federal Reserve.
However, investors will be looking for further evidence of fundamental strength to solidify the upturn in the U.S. currency. The producer price index for July is scheduled for release on Thursday, while the consumer price index is due Friday. EURUSD is currently hovering around 1.17900. Friday’s intra-session low of 1.17200 marks the pair’s immediate support on the downside.