Big miss on US non-farm payrolls!

Published date: 07/06/2019

Well, it seems the market was right to be concerned about the weak ADP print this week, as the official non-farm payrolls data shows just 75k jobs were added to the economy as opposed to median expectations of a 185k rise.  This is a significant miss and not one that traders will ignore, though the USD was sold into the release and is now fighting key levels against its major counterparts.  

USD/JPY has been hit down towards 108.00 again as the data miss is a clear sign that the US economy is starting to feel the strains, and a clear move below the figure could set up a test on 107.50 where we see the next layer of buying interest lying in wait.  

EUR/USD is where the bulk of the USD trade goes through and the market is now battling with a move through the 1.1305-25 resistance zone - a clear break of which could see NY pushing for 1.1400-1.1450 later on.  It would be a very bumpy ride if it were to develop though. 

Cable trips over 1.2750, but we have very strong resistance into 1.2800 higher up.  

USD/CAD is a big mover though as we fall to an through the 1.3300 level, with the Canadian jobs report showing another 27.7k rise in employment here.  Key support now in the mid 1.3200's to watch out for.  

AUD/USD has touched 0.7000 again, with NZD/USD pushing above 0.6650.


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