EUR/USD Surges Above $1.1000 as March NFPs Severely Disappoint
- US Nonfarm Payrolls miss expectations at +126K.
- US unemployment rate ticks holds at 5.5% despite participation rate falling.
- EURUSD jumps to fresh weekly highs at $1.1021 as report mostly negative.
The US Nonfarm Payrolls headline reading plunged to +126K for March, a rather weak figure, well-below the prior three-month average of +265K – and dragging the current three-month average to +197K in the process. Overall, the headline numbers were mostly bad: the actual missed estimations by -119K; the prior was revised lower by -31K to 264K; and the average hours worked figure declined, suggesting lower productivity in the US economy.
Here’s a summary of the data this morning that’s responsible for US Dollar selling:
- USD Change in Nonfarm Payrolls (MAR): +126K versus +245K expected, from +264K (revised lower from +295K).
- USD Change in Private Payrolls (MAR): +129K versus +235K expected, from +264K (revised lower from +288K).
- USD Unemployment Rate (MAR): 5.5% as expected unch.
--- Written by Christopher Vecchio, Currency Strategist
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