US employment data for the non-farm sector (NFP) has been released. The reading clearly surprised the market. Instead of an increase of 80,000, the report showed a decline of 23,000.
The dollar, amid weakening sentiment in recent days, is clearly losing ground against major currencies. Losses are reaching as much as 0.5%.
This is a consequence of the fact that the unexpectedly weak condition of the US labor market has led the market to significantly revise expectations for the path of interest rates and the Fed’s monetary policy. Markets are now pricing in less than a 30% chance of a rate hike by year-end.
EURUSD (H1)
Source: xStation5
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