EUR/USD Closes Higher After Disappointing NFP

EUR/USD closed higher on Friday after the release of disappointing nonfarm payrolls and escalation of trade war rhetoric between the United States and China.

Nonfarm payrolls rose by 103k in March, missing the analysts’ average estimate of 188k by a wide margin. On a more positive note, the previous month’s huge increase by 313k was revised to an even bigger figure of 326k. Meanwhile, unemployment rate ticked up unexpectedly from 4.0% to 4.1%. Average hourly earnings increased by 0.3%, in line with expectations, after rising 0.1% in February. (Event A on the chart.)

Consumer credit rose by $10.6 billion in February. Economists had expected an increase by $15.3 billion, almost the same as the January revised gain by $15.6 billion ($13.9 billion before the revision). (Event B on the chart.)

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