Breaking News: USD falls but recovers quickly as the NFP badly disappoints with 134K
|The US gained only 134,000 jobs in September, far worse than expected. It may be the result of the Florence storm as the BLS explicitly states. The news helped the US Dollar recover.
Wages are up by 0.3% moM as expected. Average hourly earnings stand at 2.8%. The unemployment rate dropped to 3.7%. The participation rate remained unchanged at 62.7%. The report for August was revised up to an increase of 270K from 201K. Wages were revised down for August: 0.3% instead of 0.4% initially reported.
The US Dollar initially fell across the board but managed to stabilize quickly. EUR/USD jumped to 1.1530 before dipping below 1.1500.
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-- Developing story
The Non-Farm Payrolls report was expected to show an increase of 185,000 positions in September after 201,000 in August (before revisions). Real expectations were higher after the ADP NFP, and the ISM Non-Manufacturing PMI came out above expectations. Wages were forecast to advance by 0.3% MoM and 3% YoY.
The US Dollar was stable ahead of the publication.
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