BREAKING: NFP much higher than expected 📌

01:30 PM BST, United States - Employment Data for March:

• Nonfarm Payrolls: actual 303K; forecast 212K; previous 270K;
• Private Nonfarm Payrolls: actual 232K; forecast 160K; previous 207K;
• Unemployment Rate: actual 3.8%; forecast 3.9%; previous 3.9%;
• Average Hourly Earnings: actual 4.1% YoY; forecast 4.1% YoY; previous 4.3% YoY;
• Average Weekly Hours: actual 34.4; forecast 34.3; previous 34.3;
• Participation Rate: actual 62.7%; forecast 62.6%; previous 62.5%;

The U.S. labor market data has surprised again. The March NFP report showed a job increase of as much as 303k compared to expectations of 212k. Expectations suggested a slight stabilization in the market after strong data last month. However, the actual data showed an even greater increase. On one hand, these are additional arguments for the Fed to delay interest rate cuts. On the other hand, attention should be paid to slightly lower wages than last month. Moreover, the latest data from the U.S. shows that more and more people are opting to take on more than one job, which also results in an increase in employment.

Following the report, the dollar (USDIDX) has significantly strengthened and returned above 104 points. Also, Fed swaps shift full pricing of the interest rates cut to September from July.