The recent US Non-Farm Payrolls showed a 217K gain in jobs in May — expectations were around 214K jobs. The unemployment rate remained unchanged at 6.3%, while it was predicted to inch up to 6.4%. This report showed numbers, which were inline with market expectations and thus the report currently has a modest impact on the USD. The initial numbers for April showed a strong gain of 288K and a low unemployment rate of 6.3%. Markets were trading quietly towards the event: Before the publication, EUR/USD traded around 1.3645, GBP/USD: 1.6824, USD/JPY: 102.40, AUD/USD: 0.9334, and USD/CAD: 1.0921 . The US dollar slid down across the board with EUR/USD rise to 1.3655, GBP/USD above 1.6825 and USD/JPY falls to 102.37. Data (updated) Non-Farm Payrolls: +217K (exp. +214K. April 288K) Participation Rate: 62.8% (62.8% last month ) Unemployment Rate: 6.3% , (exp. 6.4%, April: 6.3% before revisions) Revisions: -6K (+36K last month) Private Sector NFP: +216K (ADP showed a gain of +179K jobs). Real Unemployment Rate (U-6): 12.2% (previous: 12.3%). Employment to population ratio: 58.9% (previous: 58.9%) Average Hourly Earnings: +0.2%– (exp. +0.2%, April: 0%). Average workweek: unchanged at 34.5 (last month: 34.5). Market reaction and Analysis Normal market reaction were expected from most currencies. The yen usually provides the most straightforward reaction to the numbers: the headline NFP and the digestion of the participation rate, etc. One currency stands out: the euro. The common currency is still under the influence of yesterday’s rate decision: the ECB announced a broad range of steps but also closed the door on more cuts. EUR/USD fell sharply only to recover strongly. The NF payroll report was close to market expectations; this news is currently pulling slightly up the EUR/ USD. This news, however, still shows the U.S labor market is slowly recovering, which is the kind of progress Yellen and the FOMC want to see and could influence their decisions regarding the Fed’s future plans. For analysis on gold, oil and other commodities, see Trading NRG. Background May is the second full month without weather disruptions. After a very strong bounce in April, more moderate rises were likely. The lower expectations were probably lowered due to the unimpressive ADP number and also after the employment component of the services PMI advanced from last month, but remained in slow growth territory. All in all, this publication is unlikely to derail the Fed’s taper train. QE tapering is expected to end in October. Nevertheless, the release always has an effect on the dollar, whereas a strong number is USD positive and a weak one is negative. Felipe Erazo Felipe Erazo Felipe earned a degree in journalism at the University of Chile with the highest honor in the overall ranking, and he also holds a Bachelor of Arts in Social Communication. He has been working as a freelance writer and forex/crypto analyst, with experience gained at several forex broker firms and forex/crypto-related media outlets around the world, such as FXStreet. He has been involved in the world of online forex trading since 2010, and in the crypto sphere since 2015. Moreover, Felipe has worked as a journalist and editor for several media outlets across Latin America, collaborating with radio stations from his home country, Colombia, Chile, and the United States. View All Post By Felipe Erazo Forex News Today: Daily Trading News share Read Next Forex Weekly Outlook June 9-13 Anat Dror 8 years The recent US Non-Farm Payrolls showed a 217K gain in jobs in May -- expectations were around 214K jobs. The unemployment rate remained unchanged at 6.3%, while it was predicted to inch up to 6.4%. This report showed numbers, which were inline with market expectations and thus the report currently has a modest impact on the USD. The initial numbers for April showed a strong gain of 288K and a low unemployment rate of 6.3%. Markets were trading quietly towards the event: Before the publication, EUR/USD traded around 1.3645, GBP/USD: 1.6824, USD/JPY: 102.40, AUD/USD: 0.9334, and USD/CAD: 1.0921 . 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