FX.co ★ Euro Holds Above $1.19 Ahead of US Jobs Data

The euro climbed above $1.19, its strongest level since late January, as investors positioned ahead of the closely watched US jobs report due later today. The currency also found support in indications that the European Central Bank remains largely unconcerned by the euro’s recent gains, as well as in reports that Bank of France Governor François Villeroy de Galhau—widely regarded as a policy dove—will step down in June, more than a year before his term was due to end in October 2027. At its meeting last week, the ECB left interest rates unchanged and reiterated that inflation is on course to converge toward its 2% medium-term target. President Christine Lagarde said the euro area’s inflation outlook remains in a “good place,” downplaying the significance of the currency’s appreciation. She added, however, that upcoming data could be volatile and should not be interpreted in isolation when setting policy.