The US economy gained no less than 222K jobs in June, better than expected. However, wages rise by only 0.2% and with a downwards revision.
The US dollar initiall rose but is now falling
The US was expected to report a gain of around 180K jobs in June, with an unemployment rate of 4.3%. More importantly, wages carried expectations of 0.3% m/m after 0.2% last time. Y/y, wages rose by 2.5%, stuck.
— more coming
June 2017 NFP Data (updated)
- Non-Farm Payrolls: TBA (exp. +175K last 138K before revisions)
- Average Hourly Earnings TBA (exp. +0.3% m/m, 2.6% y/y, last month 0.2% m/m, 2.5% y/y)
- Revisions: TBA (-66K last time).
- Participation Rate: TBA (62.7% last month )
- Unemployment Rate: TBA (exp.4.3%, last month 4.3%)
- Private Sector: TBA (ADP showed 158K).
- Real Unemployment Rate (U-6): TBA (previous: 8.6%).
- Employment to population ratio: TBA (previous: 60%)
- Average workweek: TBA (last month: 34.4).
NFP Currency Reaction
- EUR/USD traded around 1.1420, helped by the upbeat ECB minutes.
- GBP/USD was under 1.29 after weak UK data: trade, manufacturing, and housing all disappointed in the UK.
- USD/JPY continued riding higher along the uptrend support level, around 113.70.
- USD/CAD traded around 1.2980, bouncing higher as oil prices slipped once again. Canada releases its own jobs report at the same time.
- AUD/USD is around 0.76. The RBA hit the Aussie earlier this week.
Indicators leading into the event were mixed: while soft data such as the ISM surveys were upbeat, ADP data was weak and all in all, inflation is weaker.
- ^ NFP Preview: jobs distraction could be an opportunity to trade the wage data (www.forexcrunch.com)
- ^ last 138K (www.forexcrunch.com)
- ^ ADP showed 158K (www.forexcrunch.com)
- ^ helped by the upbeat ECB minutes (www.forexcrunch.com)
- ^ weak UK data (www.forexcrunch.com)
- ^ The RBA hit the Aussie earlier this week (www.forexcrunch.com)
- ^ The Fed minutes showed a split board about the reduction of the balance sheet (www.forexcrunch.com)
- ^ Get the 5 most predictable currency pairs (www.forexcrunch.com)
from Forex Crunch http://feedproxy.google.com/~r/ForexCrunch/~3/hodT-IheWlg/
from Online Forex Trading Resource
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