**EUR/USD Holds Gains Around 1.1540 Amid US Labor Market Concerns**
The EUR/USD pair is maintaining Thursday’s gains, trading around 1.1540 during the late Asian session on Friday. The major currency pair continues to show strength as the US Dollar (USD) comes under selling pressure due to fresh concerns over the United States (US) labor market outlook.
At the time of writing, the US Dollar Index (DXY)—which measures the Greenback against six major currencies—trades marginally higher near 99.80 after finding temporary support at 99.60.
**Weak Labor Market Data Weighs on USD**
On Thursday, the US Challenger report revealed that employers laid off 153,074 workers in October, a staggering 183% increase from September and 175% higher than the same month last year. The report attributed much of the workforce reduction to the rising adoption of Artificial Intelligence (AI) and ongoing cost-cutting measures by employers.
Signs of cooling job demand have added to the pressure on market expectations for the Federal Reserve (Fed) to hold interest rates steady at its final meeting of the year in December. According to the CME FedWatch tool, the probability of the Fed maintaining rates in the 3.50%-3.75% range at the December meeting has fallen to 33%, down from 38% on Wednesday.
**Euro Remains Stable as ECB Sticks to Current Policy**
Meanwhile, the Euro (EUR) is trading broadly steady against its major peers. Comments from several European Central Bank (ECB) officials have indicated no urgency for immediate monetary policy adjustments. ECB Vice President Luis de Guindos stated in a webinar on Thursday that he is comfortable with the “current level of interest rates,” expressing optimism about trends in services inflation and economic growth.
**Outlook**
In summary, the EUR/USD pair is benefitting from broad US Dollar weakness driven by labor market concerns, while the Euro remains stable amid a cautious ECB stance. Investors will be closely watching upcoming US economic releases and comments from central bank officials for further direction.
https://bitcoinethereumnews.com/finance/eur-usd-trades-firmly-near-1-1540-on-renewed-us-labor-market-risks/