EUR/USD jumps on US employment release

Source: Dukascopy Bank SA


At 13:30 GMT, the publication of the US monthly employment data caused a 40 base point spike on EUR/USD charts. In general, the value of the USD dropped on all USD involved pairs and commodity price charts.

The US Average Hourly Earnings disappointed, as wages in November had grown by 0.3% instead of the forecast 0.4%. Namely, average hourly pay for a US worker increased by one fourth less than expected.

Meanwhile, Non-Farm Employment Change was just at 210,000 instead of the expected 553,000 people. This shows that 201,000 people found jobs instead of 553,000. Note that the data excludes the farming industry.

Last but not least, the official Unemployment Rate somehow still showed positive results, as it was revealed to be at 4.2% of the work force instead of the forecast 4.5%.

The unemployment rate could have shown a decrease due to a simple reason. The percentage is counted by using only the unemployed that are "actively" seeking employment. If a person fails to find a job after a certain period of time, he or she is no longer counted as unemployed. Due to that reason the official Unemployment Rate should and partially is ignored by economists.
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