The Bureau of Labor Statistics (BLS) in the US released its monthly issue of the Non-Farm Payrolls report for February and its findings exceeded the consensus forecasts.
On Friday it was announced that 273 thousand new jobs were created in the previous month, which is the same number as the recorded performance for January. The final data for February surpassed the projected expectations for only 175 thousand new jobs.
The average hourly earnings of American workers rose marginally with a percentage point to 0.3 per cent, and the headline unemployment rate fell back to 3.5 per cent.
US Unemployment Rate. Image source: TradingEconomics.com
Even with these results, however, the investors’ optimism in the US remains subdued, as the findings of the NFP report cover a period prior to the outbreak of the coronavirus in the states.
It is expected that the detrimental impact of COVID-19 on the national labour market and the industry as a whole is yet to be reflected on economic reports for Q2 and Q3. The general downside risks to growth are likely to become even more pronounced in the forthcoming months.
Meanwhile, the dollar found temporary support during yesterday's trading session following the release of the NFP report.
A minor correction on the EURUSD is now likely to form while the market prices in the labour data. In general, however, the pair remains with a decidedly bullish sentiment.
Investors continue to prefer the euro over the greenback as a safe-haven currency at a time when the global economy is reeling from the coronavirus.
EURUSD 4H Price Chart. Image source: Trendsharks ©, created with TradingView.com
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