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BREAKING: USD strengthens after upbeat NFP data

  • Highly anticipated NFP report was released at 1:30 pm BST and showed the US economy unexpectedly added 528 k jobs in July, compared to a 372k increase in June and  well above market expectations of 250k. 
  • The jobless rate declined to 3.5% from 3.6% last month and above market estimates of 3.6%. 
  • Closely watched wage growth remained unchanged at 5.20% and above market expectations of a 4.9% YoY.

Simultaneously to the release of US data, the Canadian labour report for June was released. USDCAD is trading higher today and today’s data provided more fuel for bulls. The currency pair is currently testing a short-term resistance zone in the 1.2945 area. Source: xStation

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