US Non-Farm Payrolls increased 215k

 US Non-Farm Payrolls increased 215k

US Non-Farm Payrolls increased 215k

EURUSD, 60 min

US nonfarm payrolls increased 215k in March after a revised 245k in February gain (was 242k) and a 168k rise in January (revised from 172k), for a net -1k revision. The Q1 average gain was 209k versus the 223k average for the 2015. The unemployment rate edged up to 5.0%versus 4.9% as household employment increased 246k versus the 530k February jump, with the labor market up another 396k following the prior 555k surge.

The labor force participation rate rose to 63.0% versus 62.9%. Earnings bounced 0.3% versus the 0.1% dip previously. The work week was unchanged at 34.4. Private payrolls rose 195k, though jobs in the goods producing sector fell 4k, with manufacturing down 29k, while construction up 37k. The service sector added 199k jobs, helped by a 51k rise in trade/transport. Government added 20k. This is a pretty solid jobs report.

EURUSD is trading near the upper end of the trading range and close to October 2015 highs. At the time of writing the pair has not yet reacted strongly. The nearest support level is at 1.1377 while the nearest resistance is at 1.1495. The 4h chart is about to create a bearish shooting star candle if it closes below 1.1413. The indication is EURUSD bearish and suggests that the pair is getting ready to correct to lower levels.

Janne Muta

Chief Market Analyst

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About Janne Muta, HotForex’s Chief Market Analyst

jmutaJanne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.

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