BREAKING: Nonfarm Payrolls Beat Expectations

The US economy unexpectedly added/lost  4.8  million jobs in June, the most on record, compared to 2.509 million in May and above market expectations of 3 million. It is the second straight month of employment gains after the economy lost a record 20.68 million jobs in April.  The jobless rate declined to 11.1 percent from 13.3 percent last month.

 

However the labour market recovery may take much more time than initially expected. In opinion of some market participants  NFP figures do not capture the full scale of job losses as many are being still classified as employed but are absent from work. Additionally more people might lose their jobs due to the second wave of COVID -19 in the US.

EURUSD saw relatively small reaction to NFP data release. The most popular currency pair continued to trade around 1.1288 support level. Source: xStation5

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