EUR/USD after NFP
Euro dollar after non-farm payrolls,
The euro-dollar recovers from two-week lows in the wake of the disappointment from the report on the US labor market below expectations.
The euro-dollar, after struggling to find a direction following the publication of the non-farm payrolls, now moves to the upside approaching important resistance.
Currently, the euro-dollar exchange rate is just below 1.1200 area thanks to a new wave of weakness that is affecting the greenback.
The non-farm payrolls have shown that the US economy added 156,000 new jobs in September, below analysts’ forecasts of 171,000 and result in August revised upward to 167,000.
The unemployment rate rose to 5.0%, while the average hourly wage rises of 0.2% month on month.
Despite the result below expectations, the currency market is still a 60% chance for a rate hike in December, still convinced that the Fed may act by the end of 2016.
However, the current price action EURUSD does not meet these expectations and, consequently, increases the skepticism about the sustainability of the bullish momentum.