US Dollar Fell After Employment Report Release

Market Reviews

The US dollar weakened after mixed employment data. The number of jobs in the non-agricultural sector of the US was 261 thousand in October, which is below expectations of 310 thousand. The unemployment rate fell to 4.1% from 4.2%. The biggest disappointment is that average hourly earnings was at the level of 0.0% mom, below expectations of growth of 0.2% mom.

The British pound is recovering today after stronger than expected data. The UK Services PMI rose to 55.6 in October. This is also the highest level since April and the largest monthly income since August 2016.

The Canadian dollar rose on strong employment data. Canada's labor market grew by 35.3 thousand in October, with a forecast of 15.5 thousand. The unemployment rate, however, increased by 0.1% to 6.3%.