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. See our updated Privacy Policy here.

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
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.05%, while traders in USD/JPY are at opposite extremes with 73.98%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/j6NdfK7lpf
  • A day full of meetings and I've always had one eye fixed on this $GOOG rally. Last nights afterhours reticence didn't do this stock (and MSFT) justice. Impressive https://t.co/tEwaqSt5lm
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.29% US 500: 0.22% France 40: 0.19% Germany 30: 0.13% Wall Street: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/aH5WxfeKWP
  • RT @DeItaone: *Natural Gas Jumps 4.3% to Session-High $6.134 Ahead of Contract Expiration
  • Bitcoin prices have recently pulled-back from the recent high, at around $67,000 after the release of the futures ETF last week. Get your $btc market update from @Tams707 here:https://t.co/XyzhVzbuZ6 https://t.co/0THpHEKyRC
  • Billionaire tax out apparently https://t.co/ec6T1BayyW
  • RT @BrendanFaganFx: 75 counterparties take $1.433 trillion at Fed's fixed-rate reverse repo $USD $DXY https://t.co/0yeHFJVUuf
  • video from today's webinar embedded in this article - US Dollar Price Action Setups: EUR/USD, GBP/USD, USD/JPY, USD/CAD https://www.dailyfx.com/forex/video/live_events/2021/10/27/US-Dollar-Price-Action-Setups-EURUSD-GBPUSD-USDJPY-USD-CAD.html https://t.co/Lg0pgvSynj
  • The US 10-year Treasury yield is sharply lower on the day, trading right through 1.60% $ZN_F $ZB_F https://t.co/HYkhqJUpIJ
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.08%, while traders in AUD/JPY are at opposite extremes with 75.09%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/UFyj4X2p8Q
S&P 500 Futures Climb, EUR/USD Whipsaws as NFPs Surge 916K

S&P 500 Futures Climb, EUR/USD Whipsaws as NFPs Surge 916K

Rich Dvorak, Analyst

NONFARM PAYROLLS DATA SMASHES FORECAST, MARKET REACTION MUTED AMID LOW LIQUIDITY

  • US Nonfarm Payrolls for March showed 916K jobs added and unemployment steady at 6%
  • S&P 500 Index futures are reacting positively to the stronger-than-expected NFP report
  • EUR/USD price action is rather muted due to low liquidity caused by Good Friday holiday
Advertisement

For those of us still on the desk today during Good Friday holiday, the release of monthly nonfarm payrolls just crossed market wires. The NFP report for March came in much better-than-expected as the headline figure showed 916,000 job gains. This compares to the consensus forecast looking for an increase of 647,000 according to the DailyFX Economic Calendar. The US unemployment rate held steady at 6%, though average hourly earnings did tick lower from 5.2% to 4.2%. The NFP report noted that 280,000 jobs were added in the leisure and hospitality segment as pandemic-related restrictions ease and covid vaccines are administered. Labor force participation was little changed at 61.5%.

S&P 500 INDEX FUTURES PRICE CHART WITH EUR/USD OVERLAID: 15-MINUTE TIME FRAME (02 APRIL 2021 INTRADAY)

S&P 500 Index Futures Price Chart EURUSD Reaction to March 2021 Nonfarm Payrolls Report

Chart by @RichDvorakFX created using TradingView

S&P 500 Index futures spiked higher in immediate reaction to the nonfarm payrolls data release. EUR/USD price action saw a bit of volatility as well, but it seems as though US Dollar strength will prevail as the major currency pair oscillates lower. It is worth noting that market reactions to the latest NFP report have been largely muted due to a lack of liquidity with most of the world on holiday for Good Friday. That said, the solid NFP report looks to underscore the relative outperformance of the American economy, which looks to be supportive of the S&P 500 and US Dollar over the weekend and into next week once liquidity returns.

-- Written by Rich Dvorak, Analyst for DailyFX.com

Connect with @RichDvorakFX on Twitter for real-time market insight

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

DISCLOSURES