EURUSD, 240 min
US nonfarm payrolls rose 151k in January following a 262k December increase (revised down from 292k) and a 280k November pop (revised up from 252k). The January payroll gain falls short of the 221k average for last year. The unemployment rate dropped to 4.9% from 5.0% previously. Private payrolls were up 158k, as the goods producing sector added 40k jobs, with construction up 18k and manufacturing up 29k. Jobs in the service sector rose 118k. Average hourly earnings climbed 0.5% from unchanged previously. The workweek increased to 34.6 hours from 34.5 hours.
Jobs number that comes in by over 100K below the previous figure would be a disaster in some other month but in January it is not that alarming. The drop is related to cyclicality in the US job market after hiring for Christmas employers are laying people off in January. This however, could add to cautiousness among the Fed bankers therefore strengthen the US dollar index which has resting at support. This obviously is bearish for EURUSD and Crude Oil. EURUSD is rolling over and trading at a minor support at 1.1147 while the next support levels are at 1.1102 and 1.0968.
Janne Muta
Chief Market Analyst
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