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EUR/USD Fails to Rally on Disappointing Nonfarm Payrolls

May 4, 2018 by

US nonfarm payrolls came out surprisingly weak, prompting EUR/USD to jump immediately after the release. But the rally was extremely short-lived, and the currency pair is still hanging below the opening level right now.

Nonfarm payroll employment increased by 164k in April, failing to meet the consensus forecast of a 190k increase. The March gain got a positive revision from 103k to 135k. Average hourly earnings rose by just 0.1%, also missing the median forecast, which promised the same 0.2% increase as in March (revised from 0.3%). Unemployment rate fell from 4.1% to 3.9%, being the only indicator that was better than expectations as traders were anticipating a smaller decrease to 4.0%. (Event A on the chart.)

If you have any comments on the recent EUR/USD action, please reply using the form below.

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