Market News

Strong Employment Data Sends Euro Plummeting

Updated 1 week ago

EUR/USD plummeted this afternoon following positive non-farm employment change data which was forecasted at 205K only to be announced with an actual figure and a major increase of 313K, showing an impressive surge in employment and what could be signs of a thriving economy shifting into the middle stages of 2018. Although the employment rate and average hourly earnings were slightly worse-off than expected, investors found the momentum and bias they needed to fulfil a strengthening push on the valuation of the Dollar against the Euro which saw a meltdown from a daily swing high of the 1.2400 region (also being the 78.6% Fibonacci retracement zone) towards 1.2280 at the current time of writing just shortly after the announcement. It goes without saying the USD has received a necessary boost this week following several employment fundamentals that have come to light as positive and is signalling for economists and major investors to start paying closer attention towards the growth within the United States.