NONFARM PAYROLLS DATA SMASHES FORECAST, MARKET REACTION MUTED AMID LOW LIQUIDITYUS Nonfarm Payrolls for March confirmed 916Ok job
NONFARM PAYROLLS DATA SMASHES FORECAST, MARKET REACTION MUTED AMID LOW LIQUIDITY
- US Nonfarm Payrolls for March confirmed 916Ok jobs added and unemployment regular at 6%
- S&P 500 Index futures are reacting positively to the stronger-than-expected NFP report
- EUR/USD worth motion is reasonably muted attributable to low liquidity attributable to Good Friday vacation
For these of us nonetheless on the desk right this moment throughout Good Friday vacation, the discharge of month-to-month nonfarm payrolls simply crossed market wires. The NFP report for March got here in a lot better-than-expected because the headline determine confirmed 916,000 job good points. This compares to the consensus forecast searching for a rise of 647,000 in response to the DailyFX Financial Calendar. The US unemployment charge held regular at 6%, although common hourly earnings did tick decrease from 5.2% to 4.2%. The NFP report famous that 280,000 jobs have been added within the leisure and hospitality phase as pandemic-related restrictions ease and covid vaccines are administered. Labor pressure participation was little modified at 61.5%.
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S&P 500 INDEX FUTURES PRICE CHART WITH EUR/USD OVERLAID: 15-MINUTE TIME FRAME (02 APRIL 2021 INTRADAY)
Chart by @RichDvorakFX created utilizing TradingView
S&P 500 Index futures spiked greater in instant response to the nonfarm payrolls information launch. EUR/USD worth motion noticed a little bit of volatility as nicely, however it appears as if US Greenback energy will prevail as the key foreign money pair oscillates decrease. It’s price noting that market reactions to the most recent NFP report have been largely muted attributable to an absence of liquidity with a lot of the world on vacation for Good Friday. That stated, the strong NFP report seems to underscore the relative outperformance of the American financial system, which seems to be supportive of the S&P 500 and US Greenback over the weekend and into subsequent week as soon as liquidity returns.
| Change in | Longs | Shorts | OI |
| Every day | -17% | 9% | -1% |
| Weekly | -29% | 17% | -4% |
— Written by Wealthy Dvorak, Analyst for DailyFX.com
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