EUR/USD surged today after US nonfarm payrolls came out and turned out to be hugely disappointing. Employment growth was far below expectations and wage inflation missed forecasts as well. Only the unemployment rate matched predictions.
US nonfarm payrolls rose by 75k in May versus 177k predicted by experts. Furthermore, the April increase got a negative revision from 263k to 224k. Unemployment rate remained unchanged at 3.6%, as was expected. Average hourly earnings rose by 0.2%, the same as in the previous month but missing the forecast of a 0.3% increase. (Event A on the chart.)
Wholesale inventories rose by 0.8% in April. Ahead of the report, analysts had predicted the same 0.7% rate of increase as in March. (Event B on the chart.)
Consumer credit rose by $17.5 billion in April from March, which was a bigger increase than $11.5 billion predicted by analysts. On top of that, the March increase got a positive revision from $10.3 billion to $11.0 billion. (Event C on the chart.)
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