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EUR RALLIES AS US JOBS REPORT DISAPPOINTED

EUR rallies as US Jobs report disappointed

US nonfarm payrolls rose 142k in September, with the jobless rate at 5.1%. August’s 173k job gain was bumped down to 136k, with July’s 245k now 223k, for a net -59k revision. Average hourly earnings were unchanged from a 0.4% increase previously (revised from 0.3%). The workweek slipped to 34.5 from 34.6. The labor force dropped 350k, with household employment down 236k. The labor force participation rate fell to 62.4% from 62.6%. Private payrolls increased only 118k (versus ADP’s +200k) with the goods sector seeing a 13k decline, with manufacturing falling 9k, while construction was up 8k. The service sector climbed 131k, supported by leisure, hospitality’s 35k gain.

EUR pairs are up across the board. EURUSD shot up to 1.1296 resistance while the next daily resistance level is at 1.1463. Nearest intraday resistance levels are at 1.1330 and 1.1388. The 50 week simple moving average is currently at 1.1405 and coincides with the upper Bollinger Bands. Gold rallied strongly at the announcement and is trading right below 1136 resistance.



Janne Muta

Chief Market Analyst

HotForex



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Friday, 02 Oct, 2015 / 1:16

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Source : http://analysis.hotforex.com/blog/2015/10/02/eur-rallies-us-jobs-report-disappointed/

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