Today we
had the highly anticipated Non-Farm Payrolls number out of the US. The reading
of new jobs created for the month on October came out much better than
expected, causing the Dollar to rally versus its major peers. It was forecasted
a reading of 180K new jobs, but the reading actually came out at 271K new jobs.
The unemployment rate fell from 5.1% to 5% and the average hourly wages rose
0.4% when the forecasted was a rise of 0.2%. The numbers clearly came out way
better than expected, and actually this has been the best reading since 2009.
The Dollar index broke above the 98.39, but if it retraces, that level could
act as support. Its next resistance could be the 100.28.
Excellent analysis! Thanks for sharing.
ReplyDeleteGood observation.
ReplyDeleteThank you for the analysis.
ReplyDeleteThe October Jobs Report Gives Fed Officials a Green Light to Raise Rates.
ReplyDeleteGreat analysis.
ReplyDeleteI am totally agree with your analysis.
ReplyDeleteExcellent analysis!
ReplyDeleteFurther rally maybe expected.
ReplyDelete