Breaking: US Nonfarm Payrolls surge by 850,000 in June, USD extends rally
|Nonfarm Payrolls (NFP) in the US rose by 850,000 in June, the data published by the US Bureau of Labor Statistics showed on Friday. This reading followed May's print of 583,000 (revised from 559,000) and came in better than the market expectation of 700,000.
Follow our live coverage of the US jobs report and the market reaction.
Further details of the publication revealed that the Unemployment Rate edged higher to 5.9%, compared to analysts' estimate of 5.7%, and the Average Hourly Earnings increased by 0.3% on a monthly basis as expected. Finally, the Labor Force Participation Rate stayed unchanged at 61.6%.
Market reaction
With the initial market reaction, the US Dollar Index (DXY) spiked to its highest level in nearly three months at 92.74 before retreating. As of writing, the DXY was unchanged on the day at 92.55.
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