EXECUTIVE SUMMARY
EUR/USD depreciated this week to 1.0801 from 1.0848 the previous week.
As widely anticipated, the ECB decided on Thursday to lower its 3 main key rates by -25 BPS. This decision marks a first step towards an accommodating monetary policy after a cycle of monetary tightening which began in July 2022. The ECB's refinancing rate thus increases from a historic high of 4.50% reached since September 2023 to 4.25% from this month of June.
At the end of the week, the NFP report came out strong. Job creations stood at 272K in May against a consensus of 182K, which strengthened the Dollar this week.
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