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EUR/USD Moves Down After NFP Rise Beyond Forecasts

EUR/USD declined today after US nonfarm payrolls rose more than markets participants had been anticipating. Other US economic indicators were good as well. While the currency pair has moved away from the day’s low by now, it is still trading far below the opening level.

Nonfarm payrolls increased by 200k in January, exceeding the median forecast of 181k. The December increase was revised from 148k to 160k. Unemployment rate remained at 4.1%, matching expectations. Average hourly earnings increased by 0.3%, beating the average forecast of 0.2%. The previous month’s increase was revised from 0.3% to 0.4%. (Event A on the chart.)

Michigan Sentiment Index slipped from 95.9 in December to 95.7 in January according to the revised estimate. That is compared to the consensus forecast of 95.0 and the preliminary reading of 94.4. (Event B on the chart.)

Factory orders increased by 1.7% in December, at the same rate as in November (revised up from 1.3%). Analysts had predicted a bit smaller increase by 1.5%. (Event B on the chart.)

If you have any comments on the recent EUR/USD action, please reply using the form below.

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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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