News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bullish
Wall Street
Bullish
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • What are the six major stock types utilized by every trader? Learn here: https://t.co/6t70C00r1S https://t.co/mFCK62RXoq
  • President Donald Trump: Will give up power if electoral college votes for Biden - BBG
  • President Donald Trump says conceding is going to be a very hard thing to do - BBG
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9FlspUVZz https://t.co/oWfy1SN26d
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.20% 🇨🇭CHF: 0.16% 🇪🇺EUR: -0.01% 🇦🇺AUD: -0.06% 🇨🇦CAD: -0.08% 🇬🇧GBP: -0.23% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/n8HWYFhIBt
  • Turkey's central bank raises reserve requirement ratios - BBG $USDTRY
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Gold: 0.12% Silver: -0.06% Oil - US Crude: -1.57% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/sNsR5cEIpR
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 93.73%, while traders in NZD/USD are at opposite extremes with 74.62%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Ej2mcEGBUh
  • BoC Deputy Governor Wilkins: Real estate bounce back has been 'sharp, 'aggressive' Pent-up demand drove sharp housing rebound Doesn't see a lot of speculation in housing - BBG $CAD
  • BoC Governor Macklem: Negative rates in toolkit; not being discussed Could lower effective lower bound, not be negative Ample scope to scale up QE if needed - BBG $CAD
US Dollar Gets Crushed Following Poor Jobs Report

US Dollar Gets Crushed Following Poor Jobs Report

2017-09-01 13:00:00
Dylan Jusino,
Share:

Talking Points:

- US non-farm payrolls increased by +156K in August and the unemployment rate increased by 0.1% to 4.4%; both prints missed their respective forecasts

- US wages increased by +2.5% y/y and +0.1% m/m; both prints came in below estimates

- Participation and underemployment came in flat

See our longer-term forecasts for the US Dollar, Euro, British Pound and more with the DailyFX Trading Guides

This morning’s jobs report certainly left much to be desired as we begin September with bearish jobs reports. The headline Nonfarm Payrolls figure coming in at +156K, missing expectations of +180K. The July reading was revised down to +189K from +209K; overall, the net-two month revision was -41K.

Earnings also disappointed as the both the year-over-year and month-over-month figures missed estimates. Both prints came in underestimates by 0.1%.

In addition, unemployment ticked up to 4.4% returning to the June level at the start of the summer. Participation and underemployment were flat at 62.9% and 8.6% respectively.

As far as rate hikes are concerned, this report is doesn’t do justice. CME Group sees a December rate hike at an unlikely 37%.

Here are the data driving the US Dollar this morning:

- USD Unemployment Rate (JUL): 4.4% higher than expectations at 4.3%, from 4.3%.

- USD Change in Nonfarm Payrolls (JUL): +165K versus +180K expected, from +202K (revised lower from +205K).

- USD Labor Force Participation Rate (JUL): 62.9% from 62.9%.

- USD Average Hourly Earnings (JUL): +2.5% versus +2.6% expected, from +2.5% (y/y).

See the DailyFX economic calendar for Friday, September 1, 2017

Chart 1: DXY Index 1-minute Chart (September 1, 2017 Intraday)

US Dollar Gets Crushed Following Poor Jobs Report

Immediately following the data, the US Dollar Index traded lower, dropping from 92.58 ahead of the data to as low as 92.10. At the time this report was written DXY recovered to 92.52, right around the pre-data level.

--- Written by Dylan Jusino, DailyFX Research

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

DISCLOSURES