Lost a fraction last week as both economies reported mixed economic numbers, including a better than expected U.S. Non-Farm Payrolls number. The rate began the week declining on Monday after U.S. ISM Manufacturing PMI printed at 57.8 compared to an expected 55.0, while Spanish Manufacturing PMI showed a reading of 54.7 versus a consensus of 55.6. The pair declined another fraction on Tuesday after the Spanish Unemployment Change failed to meet expectations at -98.3K versus the anticipated -120.3K. On Wednesday, the rate also declined modestly, making its weekly low of 1.1311 after the FOMC Meeting Minutes indicated policymakers had agreed on reducing policy accommodation, but had not agreed on the timing. The Minutes noted, “The Committee currently anticipates reducing the quantity of reserve balances, over time, to a level appreciably below that seen in recent years but larger than before the financial crisis; the level will reflect the banking system's demand for reserve balances and the Committee's decisions about how to implement monetary policy most efficiently and effectively in the future.” Thursday saw the pair reverse direction, trading higher after the ECB Monetary Policy Meeting Accounts inferred it might drop the language to expand the quantitative easing program if necessary, the Accounts noted that, “While there were valid reasons at this juncture to retain the APP (Asset Purchase Program) easing bias, it was noted that, as the economic expansion proceeded and if confidence in the inflation outlook improved further, the case for retaining this bias could be reviewed.” Thursday’s numbers had U.S. ADP Non-Farm Employment Change show 158K new jobs in June compared to 184K expected. Also, U.S. ISM Non-Manufacturing PMI printed at 57.4 compared to a consensus of 56.5 and Initial Jobless Claims, which rose to 248K versus 243K expected. The rate then sold off after making its weekly high of 1.1439 on Friday after U.S. Non-Farm Payrolls increased by +222K in June compared to an expectation of +175K, with the previous number upwardly revised from +138K to +152K. Nevertheless, U.S. Average Hourly Earnings increased by only +0.2% m/m versus an expected +0.3% and the U.S. Unemployment Rate, which increased to 4.4% from 4.3%. EUR/USD closed at 1.1397, with a loss of -0.3% from its previous weekly close.