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U.S. Non-Farm Payrolls (NFP) for October - Live Coverage (Replay)

U.S. Non-Farm Payrolls (NFP) for October - Live Coverage (Replay)

James Stanley, Strategist

Talking Points:

-In this webinar, we covered the release of Non-Farm Payrolls out of the United States for the month of October. We also looked at the U.S. Unemployment rate and Canadian jobs numbers.

- The expectation was for +175k jobs to have been added to American payrolls and the actual print came-in at +161k; a miss of -14k.

- While today’s NFP number came in below-expectations, the initial response was USD-strength which is likely counter-intuitive based on the fact that a weaker jobs market provides a less-compelling reason for the Fed to hike in December. The fact that we saw USD-strength even with a missed-print may be indicating that the recent rundown of the Greenback may be a bit overdone.

- We used price action to gauge market reactions after the print; with the quick pop of USD-strength receding. Of particular interest was a resistance level on EUR/USD, a zone of potential resistance in Gold, and support in USD/JPY.

- Today’s quick show of USD-strength on the release of NFP may be highlighting a longer-term swing-setup in USD-pairs. U.S. Presidential elections are just a few days away, and with USD being at support there could be a litany of setups that could become interesting in the coming days. If you’d like to read more, we discussed this premise in our Market Talk article yesterday entitled, A Weak Dollar and Strong GBP Could be Very Vulnerable for NFP.

--- Written by James Stanley, Analyst for DailyFX.com

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