EUR/USD Rallies on NFP Miss, Rally Capped by Wage Inflation

EUR/USD rose today after nonfarm payrolls missed expectations and were nowhere near the robust employment growth showed by yesterday’s report from Automatic Data Processing. But gains were limited as wage inflation beat expectations.
US nonfarm payrolls rose by 130k in August, whereas analysts were expecting about the same increase as in the previous month — 159k. Unemployment rate remained steady at 3.7%. Average hourly earnings rose by 0.4%, while experts were anticipating the same 0.3% rate of growth as in July. (Event A on the chart.)

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