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EUR/USD Stays Not Far from Opening After Nonfarm Payrolls

July 8, 2016 by

Nonfarm payrolls showed robust employment growth but other parts of the report were disappointing. EUR/USD demonstrated an erratic reaction to the data, sinking after the release but bouncing almost immediately afterwards. Currently, the currency pair trades below the opening level but the drop is very small.

Nonfarm payrolls rose by 287k in June, exceeding market expectations of 175k by a wide margin. May’s already meager increase by 38k was revised even lower to 11k. Unemployment rate went up from 4.7% to 4.9%, above the analysts’ median forecast of 4.8%. Average hourly earnings barely grew, rising by just about 0.1%, while speculators were anticipating the same 0.2% rate of growth in the previous month.

Consumer credit rose by $18.6 billion in May after rising by $13.4 billion in April. Experts had predicted a smaller increase by $16.7 billion.

EUR/USD as of 2016-07-08

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