Nonfarm Payrolls Depress Dollar

Dollar went straight down today on the currency market after the U. S. Bureau of Labor Statistics released its report on the February’s stressed employment situation. EUR/USD reached 1.5454 — a new historical maximum on the release, but then corrected significantly and now (as of 16:00 GMT) is trading at 1.5345.

Nonfarm payrolls in February decreased by 63,000 compared to the 22,000 decrease in January. Market analysts forecasted 25,00 growth for the last month, but they failed to predict such a bad outcome. Surprisingly enough, unemployment rate became lower after February and is now at 4.8% against 4.9% last month. For some unknown reason overall unemployment rate decreases while nonfarm payrolls decrease and the jobless claims grow. Maybe workers are moving into farming sector in U.S.?

Tags: EUR/USD, Forex, nonfarm payrolls, unemployment rate

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