EUR/USD is recovering from yesterday’s huge losses as the currency pair found support from US nonfarm payrolls. It was rather unexpected turn of events as traders were counting on another solid employment report that would support the dollar.
Nonfarm payroll provided a nasty surprise to market participants as most of them were expecting growth by about 226k in August following an increase by 212k in July. Yet the actual figure was far smaller — 142k. Meanwhile, the unemployment rate ticked down by 0.1 percentage point to 6.1 percent, matching expectations. (Event A on the chart.)
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