The last day of last week revealed the most anticipated data by the market, the non-agricultural payrolls report. In the currency market, the EUR/USD pair emerged at its highest levels in recent weeks above 1,0850 and traded sideways for much of the session until the publication of changes in non-farm payrolls, which came out well above as expected, with 303.000 new positions created compared to the 214.000 expected.
In addition, the figures showed a drop in the unemployment rate, from 3,9% to 3,8%. These data confirm that the American economy is in good shape, especially the labor sector. This scenario puts on the table the possibility that the Federal Reserve will not cut rates in the month of June, while its European counterpart seems destined to begin the cuts in said month.
The market reaction led the EUR/USD to trade below 1,08 momentarily, although it recovered much of the movement and returned to the 1,0840 area where the week began.
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Economic News, USA
