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Non-Farm Payroll Comes Largely In-Line, Sinks EURUSD

Non-Farm Payroll Comes Largely In-Line, Sinks EURUSD

Yash Gandhi, Contributor

Talking Points:

  • US economy added +215K jobs in July with an upward revision for June
  • Unemployment rate stable at 5.3%
  • EURUSD trades as low as $1.0859 after the report

Non-farm payrolls came largely in line with market expectations for July. The labor market added +215K jobs in July just missing 225K expectations by Bloomberg News economists. The July NFP came with an upward revision of +8K for last month – rising to 231K from 223K. The unemployment rate stayed stable at 5.3%. July NFPs were particularly important as the first of two NFP reports prior to the September FOMC – at which some speculators believe, a rate hike is possible.

The strong jobs report came at the expense of the EURUSD pair, which plummeted, on the back of the data. EURUSD fell from $1.0972 just before the data to $1.0859 a few minutes after. The pair found support at $1.0857. EURUSD is currently trading at $1.0863 at the time of writing.

Here’s a summary of the critical jobs data on August 7, 2015:

  • Change in Nonfarm Payrolls (July): +215K vs +225K expected, from 231K (revised higher from +223K).
  • Change in Private Payrolls (July): +210K vs +212K expected, from 227K
  • Unemployment Rate (July): 5.3% vs 5.3%, from 5.3%

See the DailyFX economic calendar for a full summary of real-time economic data

Nonfarm Payrolls is a monthly jobs report and considered the foremost economic indicator for the labor market in the US. Unemployment rate measures the number of individuals in the labor force without a job. Both data prints are priced highly by market participants due to the importance of the labor market in the US economy.

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

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