NFP the Lowest In Six Months
The Non-farm payroll recorded last month was the lowest in six months, with the construction and retail sectors shedding jobs. Wage gains, however, went up as an indication of a tightening labor market. This might allow the Federal Reserve to increase its interest rates even further this year.
Tuesday: Loonie Still in the Lead.
The Canadian dollar was able to extend its winnings from Monday as it ended up as one of the best-performing currencies on Tuesday. The increase in crude oil prices and positive NAFTA updates helped push it higher.
The intense trade war between China and the U.S kept trades away from the USD for the most part of Tuesday.
Wednesday: AUD & NZD in the Lead despite Trade War Jitters
The Pound was the worst-performing currency on Wednesday. The currency suffered a broad decline after the U.K.’s construction PMI report couldn’t meet up with trader’s expectations.
The comdolls managed to record positive gains as traders are now moving on from the trade war uncertainties.
We sent a Forex signal to buy the USDCHF on Tuesday, April 3rd at the price of 0.9544 and it hit Target 3 on Thursday.
Thursday: Dollar Gains Ahead of NFP, Loonie Benefits from NAFTA Updates
The greenback recorded gains against its competitors ahead of the NFP report.
We sent out a Forex signal to buy the USDJPY at the price of 106.70, which got filled on Wednesday April 4th and reached Target 3 on Thursday, April 5th.
Increase in oil prices and positive updates from NAFTA talks all contributed to the rise of Loonie on Thursday.
Friday: NFP in March the Lowest Since September
The Nonfarm payrolls recorded a 103,000 increase last month, with construction and retail sectors shedding jobs over the course of the month. This figure marked the smallest recorded since last September. Analysts forecasted a job growth of 193,000 for March.
The unemployment rate still stands at 4.1% for a sixth consecutive month, failing to reach the 4% expected. The average hourly earnings meanwhile went up by 0.3% last month, after recording just 0.1% in February. This gain led to an increase in annual average hourly earnings, currently standing at 2.7%, up by 0.1% from February.