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Government Layoffs Send Dollar Down

The US job market lost 95,000 jobs. This terrible figure was at the bottom end of economists’ forecast. This is mostly the government’s job. The unemployment rate made a very modest positive surprise by hitting 9.6% instead of 9.7%.

Dollar falls across the board:

EUR/USD is now at 1.3980, 100 pips higher than before the release. Also other currencies gain against the greenback: GBP/USD jumped to 1.5940, USD/JPYdipped under 81.90 to fresh 15-year lows, USD/CHF is at 0.9640.

The market is moving quickly – the trend could accelerate,  stop or turn around. Very choppy trading is seen.

The private sector gained 64,00o jobs, slightly worse than 75,000 that was expected. The big blow came from the government. The expectation was for a dismissal of about 74,000 workers that were employed at the decennial census project.

But the total government layoffs stood on 159,000! This is what made the Non-Farm Payrolls so bad.

EUR/USD traded at 1.3880 before the release. USD/JPY at 82.40, GBP/USD at 1.5840, USD/CHF at 0.9676.

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.