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- Greenback Volatile after Payrolls Miss Estimates
Greenback Volatile after Payrolls Miss Estimates
The US dollar jumped up and then down after the latest batch of US labor market data, which came out below market expectations.
The key non-farm payroll number slipped to 134,000, while the market had expected 185,000, however, the August number was revised significantly higher from 201,000 to 270,000. In addition, wage growth also slowed, albeit marginally to 2.8% year-on-year from 2.9% in the previous month.
The unemployment rate dropped to 48-year lows to 3.7% and the participation rate remained at 62.7%.
Due to the big NFP revision traders were a bit confused how to trade these results and therefore the big zig-zag movement occurred. US yields remained higher, which imply that the US dollar could end the day stronger, while stocks were neutral-to-positive. All will depend how Wall Street will react on these numbers.
The Fed will stay on track to raise rates in December and we will probably see another 3 to 4 hikes in 2019, which should keep the US dollar supported.
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