Dollars Shoots to Upside After Stellar Non-Farm Payrolls

The US dollar soared today after US non-farm payrolls demonstrated amazing figures even though the unemployment rate increased. The greenback was especially strong against the Japanese yen.
Non-farm payrolls showed that US employers added as much as 257,000 jobs in January, beating analysts’ expectations. On top of that, the December growth received a massive positive revision from 252,000 to 329,000. What is more, wages were growing faster than economists anticipated.
The only negative part of the report was the unexpected increase of the unemployment rate. And even it was a result of the higher participation rate as more and more Americans were attracted to the labor market.
Unsurprisingly, the dollar rallied after the very positive report, recovering from yesterday’s losses.
EUR/USD edged down from 1.1476 to 1.1340 as of 14:58 GMT today, reversing yesterday’s drop. GBP/USD went down from 1.5326 to 1.5263, though the current decline was nowhere as big as the rally the that currency pair demonstrated during the previous trading session. USD/JPY posted an impressive rally, jumping from 117.51 to 118.84 and trading near the highest level since January 12.

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