EUR/USD Edges Higher Above 1.1700 on Us-iran Peace Optimism, US NFP Data Looms

• EUR/USD trades with mild gains near 1.1730 in Friday’s early Asian session. 
• Growing optimism surrounding a potential US-Iran peace deal lifts the Euro. 
• All eyes will be on the US April NFP report on Friday. 

The EUR/USD pair posts modest gains around 1.1730 during the early Asian session on Monday, supported by growing optimism surrounding a potential US-Iran peace deal. Markets might turn cautious later in the day ahead of the highly-anticipated US Nonfarm Payrolls (NFP) report for April. 

The US President Donald Trump administration has been waiting for Iran to respond to its proposal to reopen the Strait of Hormuz and end the war. On Wednesday, an Iranian official said that it was reviewing a US peace proposal that sources said would formally end the war while leaving unresolved the critical US demands that Iran suspend its nuclear program and reopen the Strait of Hormuz.

A de-escalation in Middle East tensions could undermine a safe-haven currency such as the Greenback and act as a tailwind for the major pair. 

The US April jobs data will take center stage later on Friday. The US economy is expected to add 62,000 jobs in April, while the Unemployment Rate in the US is projected to remain steady at 4.3% during the same period. A strong jobs report could lead the US Federal Reserve (Fed) to maintain higher interest rates for longer, boosting the US Dollar (USD) against the Euro (EUR).