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Australian Dollar and Euro Fall After December Nonfarm Payroll Report

Australian Dollar and Euro Fall After December Nonfarm Payroll Report

Tzu-Wen Chen, Technical Strategist

THE TAKEAWAY: [U.S. Economy Adds 200K Jobs] > [QE3 Likelihood Decreases] > [AUD/USD, EUR/USD Bearish]

The U.S. labor market report for December was stronger than expected as nonfarm payroll employment increased by 200,000, up from the forecasted 155,000. The unemployment rate fell 0.2 percent to 8.5 percent, the lowest rate since February 2009. The market’s reaction to the latest release was mixed, with a sharp gain in the Australian Dollar while the Euro dropped against the U.S. Dollar. This initial reaction was followed by a correction within minutes.

AUD/USD 1-minute Chart: January 6, 2012

Australian_Dollar_and_Euro_Fall_After_December_NonFarm_Payroll_Report_body_Picture_11.png, Australian Dollar and Euro Fall After December Nonfarm Payroll Report

Charts created using Strategy Trader Prepared by Tzu-Wen Chen

The market’s reaction to the latest labor figures was mixed, as the AUD/USD pair jumped almost 30-pips to the upside, while the EUR/USD pair dropped almost 25-pips. As the market participants digested the data, it became clear that the stronger-than-expected employment figures would weigh on future quantitative easing prospects (no more quantitative easing equates to a strong U.S. Dollar). If the Federal Reserve’s employment gauge is improving and inflation is stable, there would be no legitimate reason to intervene further in the markets.

EUR/USD 1-minute Chart: January 6, 2012

Australian_Dollar_and_Euro_Fall_After_December_NonFarm_Payroll_Report_body_Picture_14.png, Australian Dollar and Euro Fall After December Nonfarm Payroll Report

Charts created using Strategy Trader Prepared by Tzu-Wen Chen

After the initial market reaction, the Australian Dollar saw a correction but continued to trade slightly above prices seen before the release of the NFP report. The Euro also rebounded, but remained below the day’s earlier trading prices, reaching lower lows as Euro-zone uncertainty continues to develop.

--- Written by Tzu-Wen Chen, DailyFX Research

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.