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
Oil - US Crude
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
Wall Street
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
Gold
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
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.08% 🇨🇭CHF: -0.00% 🇨🇦CAD: -0.05% 🇦🇺AUD: -0.61% 🇳🇿NZD: -0.64% 🇬🇧GBP: -0.65% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/UMdcR4ZNnz
  • Canadian ban on passenger flights arriving from India and Pakistan will last for 30 days - Reuters via BBG $CAD
  • Lumber has seen a meteoric rise over the last year, as demand for new homes remains strong and bottlenecks arising from COVID shutdowns continue to weigh on supply https://t.co/de4xc0t1BA
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.49% Gold: -0.57% Silver: -1.62% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/PvKjoyExIZ
  • Seasonal $USD performance over the last 10 years $USD $DXY https://t.co/X23oLOxewZ
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here: https://t.co/mfwJ0sZLTs https://t.co/tCamGDogVf
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.49%, while traders in Germany 30 are at opposite extremes with 69.49%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/SAhyfFIUX0
  • Intel upside remains constrained by chip shortages and supply chain disruptions - CEO
  • Intel Q1 Earnings: Revs: $19.67B vs. est. $17.86B EPS: $1.39 vs. est. $1.15 $INTC
  • Gold Price Outlook: Are Gold Bulls Back in the Driver's Seat? https://www.dailyfx.com/forex/technical/home/analysis/xau-usd/2021/04/22/gold-price-outlook-are-gold-bulls-back-in-the-drivers-seat.html $Gold
USD Rises on Strong NFP Report, Wages Grow at Fastest Pace Since 2009

USD Rises on Strong NFP Report, Wages Grow at Fastest Pace Since 2009

Justin McQueen, Analyst

NFP Analysis and Talking Points

  • US Nonfarm Payrolls rose by 250k in October, beating expectations of 195k expected; Prior month revised Lower
  • US Average Hourly Earnings Reaches Highest Level Since 2009

See our latest Q4 FX forecast to learn what will drive the currency through the quarter.

NFP Report Review

US Bureau of Labor Statistics reported total nonfarm payroll (NFP) employment expanded by a 250k jobs in October, beating expectations of 195k. However, the headline figure for the prior month saw slight downward revision to 118k from 134k, while the 2-month net revision had printed flat. The unemployment rate remained at the lowest level since 1969 at 3.7%, which will continue to the delight of Fed officials given that they see NAIRU at 4.5%.

Wage Growth Tops 3% for First Time Since 2009

The Fed focussed wage data rose in line with expectations, whereby the monthly rate saw a 0.2% increase taken the yearly rate to 3.1%, marking the fastest rise in wage growth since 2009. Overall this marks a relatively strong labour market report and will keep the Fed on its hiking trajectory with December rate hike odds sitting comfortably at 80%.

Market Response

The strong jobs reports saw a firm US Dollar upon release to pare its earlier losses with the DXY hitting highs of 96.41. The move however was relatively minimal judging by historical standards, given that the report does not alter the Fed outlook a great deal, while investors are now bracing themselves for the US Mid-Term elections next week.

DXY Price Chart: 1-minute time frame (Intra-day)

USD Rises on Strong NFP Report, Wages Grow at Fastest Pace Since 2009

Chart by IG

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

https://www.dailyfx.com/free_guide-tg.html?ref-author=mcqueen

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

DISCLOSURES