Forex Today: Strong US Jobs Data Negates Recession Risk

Friday’s US Non-Farm Payrolls data showed that the American economy still has plenty of steam, with 253k new jobs created last month, far outstripping the expected 181k and the previous month’s 165k.

Average Hourly Earnings also rose by considerably more than expected, showing a 0.5% increase on the previous month when only 0.3% had been expected. The data supports the case that the US will avoid a recession later this year but may also be interpreted later as increasing the chance of another 25bps rate hike by the Fed at its next policy meeting.

So far, the data seems to be interpreted as validating the risk-on case, as we see risky assets mostly rising in value. has been selling off from its long-term high reached at the end of last week.. The Australian Dollar is showing the greatest short-term strength while the US Dollar is clearly the weakest currency, putting trend traders may also be looking for long trades in

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