US Dollar Drops After NFP Prints +134k; EUR/USD Re-Tests Resistance

US Dollar Talking Points:

– This morning brought the release of September Non-Farm Payrolls numbers out of the United States, and the headline number was not strong as we saw a print of +134k v/s an expectation of +185k. The internals of the report were a bit better, however, as the unemployment rate came-in at a near 50-year-low of 3.7% versus the 3.8% expectation – and the highly-watched area of Average Hourly Earnings printed in-line at .3% for the month or 2.8% annualized.

– The US Dollar’s reaction was very interesting, as an initial dip was quickly bought and prices pushed higher for the first ten minutes of the release. But a quick reversal soon developed, and this drove prices below their pre-NFP open price to create the net of a bearish move around this morning’s data. Next week’s economic calendar is very quiet – and this could be an opportune time for prevailing trends to avail themselves as markets won’t have nearly as many distractions or noise as produced by data releases and economic calendar events.

– DailyFX Forecasts on a variety of currencies such as the Article source: