Another blockbuster report from the US: a gain of 295K jobs in February. Average hourly earnings rise only +0.1% and y/y at 2% – a disappointment. The unemployment rate is at 5.5%. but this comes on top of a dropping participation rate that ticks down to 62.8%. Revisions are negative, but nothing dramatic. The dollar is higher. The US was expected to report a gain of around 240K jobs in February. The unemployment rate was expected to stand at 5.6% and wages carried expectations for a rise of 0.2% month. The previous y/y growth was 2.2%. The dollar was clearly stronger before the publication. Data (updated) Non-Farm Payrolls: 295K (exp. +240K, previous month saw +257K before revisions) Participation Rate: 62.8% (62.9% last month ) Unemployment Rate: 5.5% (exp.5.6%, last month 5.7% before revisions) Revisions: -18K (a huge +157K last month) Average Hourly Earnings: +0.1% m/m, 2% y/y (exp. +0.2% m/m, last month +0.5% m/m, 2.2% y/y) Private Sector: +288K (ADP showed a gain of +212K jobs, but with a big positive revision). Real Unemployment Rate (U-6): 11% (previous: 11.3%). Employment to population ratio: 59.3% (previous: 59.3%) Average workweek: 34.6 (last month: 34.6). Analysis and currency reaction (updated) EUR/USD traded under 1.10 after the Draghi drag. However, looking at the past, we have reasons to suspect that the pair could EURsee a temporary bottom after the NFP, regardless of the outcome. Update: EUR/USD falls below 1.09 to 1.0870. It could still bottom out from these low levels. GBP/USD followed the euro with falling, under 1.52 before the publication. GBP/SD trades now at 1.5140. USD/JPY was flirting with 120, and still not picking a direction. Dollar/yen is breaking out of range and hits 120.65. USD/CAD was around 1.2460. The loonie is buoyed by a not-so-dovish BOC. Dollar/CAD is up to 1.2550. AUD/USD held high above 0.7830 after the RBA surprised by not cutting. AUD/USD is now below 0.78 to 0.7770. NZD/USD around 0.75.. And it falls sharply to 0.7425. Quick analysis NFP cements removal of “patience” – June hike looks real More: EUR/USD breaches low support after the NFP – but could it be false? And on the C$: USD/CAD makes a clear breakout after strong NFP And on the Aussie: AUD hits low support on blowout US NFP Background This NFP report is important for the Fed decision on March 18th: it could cement the removal of forward guidance: aka “patience” and pave the way for a rate hike in June. Real expectations may have been somewhat higher after a better than expected employment component in the ISM Non-Manufacturing PMI, but other figures were as expected. However, freezing weather in February may have weighed on jobs. We could see a tendency to “blame the weather”. And regarding wages, we certainly expected them to rise faster. Here are 3 reasons why wages should rise. In the fresh podcast, we preview the NFP, talk about false breaks, the Australian and Canadian rate decisions, a potential easing in Japan, the widening gap within oil prices and an update on forex brokers after the SNBomb Follow us on the iTunes page 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. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next NFP cements removal of “patience” – June hike looks real Yohay Elam 7 years Another blockbuster report from the US: a gain of 295K jobs in February. Average hourly earnings rise only +0.1% and y/y at 2% - a disappointment. The unemployment rate is at 5.5%. but this comes on top of a dropping participation rate that ticks down to 62.8%. Revisions are negative, but nothing dramatic. The dollar is higher. The US was expected to report a gain of around 240K jobs in February. The unemployment rate was expected to stand at 5.6% and wages carried expectations for a rise of 0.2% month. The previous y/y growth was 2.2%. 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