- This morning brought the release of April Non-Farm Payrolls data, and for the second consecutive month the headline number disappointed. The unemployment rate came-in at 3.9%, beating the expectation of 4%, and Average Hourly Earnings disappointed, coming in at 2.6% (annualized) versus an expectation for a gain to 2.7%.
- After an initial move of USD-weakness, bulls came-back to punch the Dollar up to fresh 2018 highs. This helped to deepen pullbacks in EUR/USD and GBP/USD. The big question for next week is whether US Dollar bulls can continue the move with overbought conditions showing form a variety of vantage points. The big item on the calendar is on Thursday for the Bank of England’s ‘Super Thursday’ rate decision.
- DailyFX Forecasts have been updated for Q2, and are available from the DailyFX Trading Guides page. If you’re looking to improve your trading approach, check out Traits of Successful Traders. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide.
Do you want to see how retail traders are currently trading the US Dollar? Check out our IG Client Sentiment Indicator.
NFP Disappoints, USD Bulls Respond to Quick Pullback to Bring Fresh Highs
April Non-Farm Payrolls data was released out of the United States this morning, and the headline number came-in with disappointment as the +163k print was unable to match the expectation of +191k. On the bright side, the unemployment rate did drop to a fresh 17-year low, printing at 3.9% versus the expectation of 4%