EUR/USD was moving lower today amid the risk-averse market sentiment caused by fears of a trade spat between the United States and their trading partners. The currency pair accelerated decline after US nonfarm payrolls came out unexpectedly strong.
Nonfarm payrolls rose by 201k in August, beating the average forecast of 191k. The previous month’s already weak reading got a negative revision from 157k to 147k. Unemployment rate remained at 3.9%, while experts had predicted a small decrease to 3.8%. Average hourly earnings rose by 0.4%, exceeding the forecast increase of 0.2% and the previous month’s gain of 0.3%. (Event A on the chart.)
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