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EUR/USD Unable to Hold Ground After US Unemployment Rate Falls More than Expected

September 4, 2020 by

EUR/USD was moving in a range ahead of US nonfarm payrolls but has dropped after the release. The employment change was in line with market expectations but it looks like markets preferred to focus on the unemployment rate and wage inflation, both of which beat forecasts.

Nonfarm payrolls rose by 1,371k in August, matching expectations. The previous month’s increase got a small negative revision from 1,763k to 1,734k. Unemployment rate plunged from 10.2% to 8.4%, far below the forecast level of 9.8%. Average hourly earnings rose by 0.4%, whereas experts were not expecting any change. The previous month’s increase was revised slightly lower from 0.2% to 0.1%. (Event A on the chart.)

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