Breaking News: EUR/USD slides as US NFP beats with 250K

Yohay Elam FXStreet

The US Non-Farm Payrolls came out at an increase of 250,000 jobs gained, above expectations. Average hourly earnings rose by 0.2% MoM and 3.1% YoY, as expected. Nevertheless, the rise above 3% annual wage growth is significant and the highest since 2009.

The EUR/USD was on the back foot following reports about a denial of a trade deal and extended its drops after the release. The GBP/USD is ticking down as well, dipping below 1.3000. The USD/JPY is trading just under 112.

The unemployment rate remained at 3.7% as expected, but the participation rate rose to 62.9%, which is good news for the US economy. The average workweek came out at 34.5, as expected.

Follow all the moves in the NFP Live Coverage

The US was expected to report a gain of 190,000 positions in October, better than the disappointing increase of 134,000 in September (before revisions). Average hourly earnings carried expectations for an increase of 0.2% MoM last month and 3.1% YoY, an acceleration in comparison to previous levels.

The US Dollar has been on the back foot at the wake of November. Optimism about a trade deal between China and the US was sparked by Trump's tweet about a good conversation with Xi Jinping, his Chinese counterpart. He reportedly instructed his cabinet to prepare a trade deal with the world's second-largest economy. Stocks rallied and the risk-on atmosphere sent the greenback lower.

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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