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After stronger-than-expected NFP figures, the dollar surges in the early US session. More FOMC members would be willing to call for tapering in Q4 if job growth maintained its present pace in August. So far, the Euro, Swiss Franc, and Yen have been the most responsive to Dollar buying.
The number of people employed in the US non-agricultural sector in July rose by 943 thousand, which is higher than expectations of 900 thousand people. The previous month’s figure was also revised from 850 thousand to 938 thousand. A noticeable increase in jobs occurred in the field of leisure and hospitality, in the field of education in local authorities, as well as in the field of professional and business services. Overall employment continued to decline 3.7% from pre-pandemic levels in February 2020.
The unemployment rate fell sharply by -0.5% to 5.4% against the forecast of 5.7%. The number of unemployed decreased by 782 thousand people, to 8.7 million people. The labor force participation rate has changed slightly at 61.7%, in a narrow range from 61.4% to 61.7% since June 2020.
NFP: Dollar Gains As EURUSD Go South Towards 1.175
In the early US session, the EUR/USD fell dramatically, and the immediate emphasis is now on the 1.1751 support level. The break will resume the entire decline from 12265, which serves as the third leg of the pattern from 1.2348, to 1.1703 support, or possibly farther to 1.1602. Above 1.1907 on the upside, the rebound from 1.1751 to 1.1974 resistance will resume.
The fall is being fueled by a broad-based gain in the US dollar. The DXY is up 0.60 percent and trading at two-week highs, having had its strongest day in weeks. Stocks on Wall Street, on the other hand, are maintaining steady in the positive territory.
The NFP-July labor data was better than expected. The recent surge in momentum has raised the stakes in the discussion over when the labor market will meet the FOMC’s “substantial additional progress” conditions. Before starting tapering, it is believed the Fed wants to see more ground gained and if the constraints are short-term frictions or longer-term damage.
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