NFP causes EUR/USD to drop 50 pips and then almost immediately recover. Is this an indication of a currently directionless EUR/USD? The pair has been +/- 200 pips the 1.37 handle since December 2013.
Today’s US April employment report was undoubtedly the strongest report of 2014, surprising the market with a headline print of +288K versus expectations of +218K. While the headline print was impressive, the upward revisions to the March and February readings by +11K and +25K respectively was also a positive sign – When applied to today’s April number, it brings the net amount of jobs added to 324K jobs and raised the 6-month moving average to just over 200K jobs (202.5 to be precise). More notably, this solidifies the view that ‘weather’ related distortions are now behind us, and we can look forward to a bright 2Q.
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