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Nonfarm payrolls much weaker than expected, but still not nearly as weak as seems likely for the April report in early May, in the opinion of economists at TD Securities.

Key quotes

“Payrolls were -701K in March, much weaker than the -100k consensus; the TD Securities forecast was -200k. The unemployment rate jumped to 4.4% from 3.5%, well above the 3.8% consensus.”

“The foreign exchange market is fairly well-kept following this awful number. Unfortunately, the jobs data will only get materially worse for April.”

“Once the dust settles and the recessionary mindset is now afoot, the USD is still the best of a bad lot. We struggle to think that any of the majors poses a threat to the depth and liquidity of the world’s reserve currency.”