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EUR/USD Moves Down After NFP Rise Beyond Forecasts

February 2, 2018 by

EUR/USD declined today after US nonfarm payrolls rose more than markets participants had been anticipating. Other US economic indicators were good as well. While the currency pair has moved away from the day’s low by now, it is still trading far below the opening level.

Nonfarm payrolls increased by 200k in January, exceeding the median forecast of 181k. The December increase was revised from 148k to 160k. Unemployment rate remained at 4.1%, matching expectations. Average hourly earnings increased by 0.3%, beating the average forecast of 0.2%. The previous month’s increase was revised from 0.3% to 0.4%. (Event A on the chart.)

Michigan Sentiment Index slipped from 95.9 in December to 95.7 in January according to the revised estimate. That is compared to the consensus forecast of 95.0 and the preliminary reading of 94.4. (Event B on the chart.)

Factory orders increased by 1.7% in December, at the same rate as in November (revised up from 1.3%). Analysts had predicted a bit smaller increase by 1.5%. (Event B on the chart.)

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

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