Flatiron Building - New York, New York USA. Image source: ©Jessica Kirsh © 123RF.com
The latest Non-Farm Payrolls underpinned a significant rebound in the U.S. labour market. According to the findings of the Bureau of Labour Statistics (BLS)'s employment survey, 916 thousand jobs were added in March.
This performance measures a sizable uptick compared to the upwardly revised 468 thousand new jobs that were created a month prior. Moreover, the recorded performance surpassed the preliminary forecasts, which were anticipating a more moderate expansion of the labour market by 652 thousand jobs.
U.S. March Non-Farm Payrolls. Image source: TradingEconomics.com
In addition to being the fifth-best monthly performance since the beginning of the coronavirus crisis, last month's employment growth also drove headline unemployment to its lowest level in over a year. The unemployment rate fell to 6.0 per cent last month, which was inlined with the initial market forecasts.
U.S. Unemployment Rate. Image source: TradingEconomics.com
The U.S. economy continues to be performing exceptionally well, given the recently observed accelerated growth rate and stabilised consumer confidence. All of this is inlined with FED's mid-term expectations for sustained economic recovery.
Meanwhile, the better-than-expected employment data boosted the U.S. dollar, despite the muted price action today. Liquidity levels are very low today because many markets in Western Europe and the U.S. remain closed, causing the underlying volatility levels to be also greatly diminished.
As can be seen on the 30 min chart below, the EURUSD pair looks poised to continue depreciating in the immediate future. Earlier today, the price action rebounded from the ascending channel's upper boundary and is currently headed towards its lower boundary.
Following the publication of the payrolls data, the EURUSD broke down below the 50-day MA (in green) and is about to test the strength of the next floating support - the 100-day MA (in blue).
Meanwhile, the underlying bearish momentum continues to be increasing, as demonstrated by the MACD indicator.
EURUSD 30 Min Price Chart. Image source: Trendsharks ©, created with TradingView.com
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