BREAKING: US Payrolls Skyrocket 🚀 🇺🇸 EURUSD Slumps 0.2% 📉

14:30 CET, United States, Non-Farm Payrolls for May:

• Nonfarm Payrolls Actual 172k (Forecast 88k, Previous 115k)

• Private Payrolls Actual 120k (Forecast 89k, Previous 123k)

• Government Payrolls Actual 52k (Forecast -, Previous -8k)

• Unemployment Rate Actual 4.3% (Forecast 4.3%, Previous 4.3%)

• Labor Force Participation Actual 61.8% (Forecast 61.8%, Previous 61.8%)

• Average Earnings YoY Actual 3.4% (Forecast 3.4%, Previous 3.6%)

Source: XTB Research, data from Bloomberg.

US May Nonfarm Payrolls surged by 172K, significantly beating the 80K consensus. The US unemployment rate met expectations, holding steady at 4.3%. Average hourly earnings also matched estimates, rising 0.3% month-over-month and 3.4% annually. Decisive upward revisions seem to be the strogest point of the report, likely reafirming the hawkish bias within the Fed. The March reading was revised up from 178K to 185K, while April's number was moved up from 115K to 179K.

The US dollar index (USDIDX) recovered all the losses after stonger-than-expected reading (from -0.2% to trading currently flat), while futures on US indices dipped as progressively stronger labour market outlook push away the rate cut expectations. EURUSD is currently eyeing the key 1.16000 support level.

Source: xStation5