Article by ForexTime
The news that the United States economy only added 142,000 jobs in August has not been reacted to positively by investors. This is a huge drop compared to the expectation for a figure at least upwards of 200,000 and can be seen as a reason for the Federal Reserve to not raise rates any sooner than forecast.
There will also be disappointment from the news that the US economy missed out on the opportunity to create over 200,000 jobs for the seventh consecutive month, something that had not been achieved in a reported 20 years.
The major currency pair movement so far has been felt by the USDJPY, which at the time of writing had fallen as low as 104.743, quite some distance away from the daily high, 105.699.
The EURUSD has also recovered a small proportion of yesterday’s unexpected losses and is currently making its way towards the higher 1.29’s. Interestingly, the GBPUSD appears to have been unchanged by the US employment miss. The pair is still trading at a lowly 1.6329, a substantial distance from July’s yearly high.
Written by Jameel Ahmad, Chief Market Analyst at FXTM.
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