Summary:
- US economy added 164k new jobs last month
- Wage growth rises 3.2% , more than expected
- US dollar moves nowhere, traders see further rate cuts this year
The US economy added 164k new jobs in the non-farm sector last month, the consensus had called for 165k. At the same time, the unemployment rate ticked up to 3.7% while annual wage growth came in at 3.2%, expectations had indicated at 3.6% and 3.1% YoY respectively. Do notice that the uptick in unemployment is fully offset by a corresponding increase of the labour force participation rate which rose to 63%. The knee-jerk reaction sees the US 10Y bond yield slightly falling while the US dollar is moving nowhere - demand for the yen still prevails.
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The EURUSD keeps struggling just under its short-term resistance nearby 1.1120. Source: xStation5
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