US non-farm payrolls rose 160k in April with the unemployment rate holding steady at 5.0%. The 215k increase in March jobs was revised down to 208k, with February’s 245k now at 233k, for a net 19k downward adjustment. Average hourly earnings were up 0.3% compared to the prior 0.2% gain (revised from 0.3%) with February now unchanged versus the -0.1% previously.
The workweek ticked up to 34.5 from 34.4. Household employment dropped 316k, with the labor force off 362k. The labor force participation rate slipped to 62.8% versus 63.0%. As for other details, private payrolls increased 171k, with modest gains of 1k in construction and 4k in manufacturing, with the goods sector dropping 3k. Jobs in the service sector increased 174k, paced by business services (65k) and education (54k). Government employment declined 9k. The report is on the disappointing side of expectations, but it doesn’t shut the door on a June Fed rate hike.
I wrote earlier that “I will be looking for sell signals between 1.1453 and 1.1474 with T1 at 1.1409 – 1.1425 bracket and T2 at 1.1360 – 1.1377 range.” Market moved slightly above my sell area and then reversed providing an opportunity to sell EURUSD. By the time of writing market has moved to my Target 1.
Disclaimer: Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of purchase or sale of any financial instrument.
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.