US Dollar Surges Higher Post Solid NFP Report

US Dollar Surges Higher Post Solid NFP Report

By: James Ansher | Where To Trade | On:06-02-2015 11:48
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Key Highlights

  • US nonfarm payrolls released by the US Department of Labor registered an increase of 257K, and the last reading was revised up to 329K.

  • US unemployment rate surprised with a minor increase from 5.6% to 5.7% in January 2015.

  • Japanese Leading Economic Index released by the Cabinet Office increased from the previous revised reading of 103.7 to 105.2 in December 2014.

  • Japanese Coincident Index was also released, which came in at 110.7, up from 109.2.

  • German Industrial Production released by the Statistisches Bundesamt Deutschland increased by 0.1% in December 2014 whereas the market was expecting it to be around 0.4%.

  • France Trade Balance released by MINEFA registered a trade deficit of €-3.400B, more than the last reading of €-3.236B.

  • Switzerland Foreign Currency Reserves released by Swiss National Bank came in at 498.4B.

  • Switzerland Retail Sales is conducted by the Swiss Federal Statistical Office increased by 2.2%, compared with the forecast of 0.4% in December 2014.

  • UK Trade Balance released by National Statistics registered a deficit of £-2.895B, down from the last revised reading of £-1.841B.

  • GBPUSD blasted above the 1.5250 level earlier during the London session.

US Initial Jobless Claims

Earlier during the NY session, the US nonfarm payrolls and the unemployment rate report was released by the US Department of Labor. The market was expecting a slightly lower reading this time at 234K, down from the last gain of 252K. However, the outcome was very encouraging as the US nonfarm payrolls increased by 257K in January 2015. The most positive thing was revision in the last reading from 252K to 329K. Overall, the jobs report was solid with only one disappointment, as the unemployment rate increased from 5.6% to 5.7%. The US dollar traded broadly higher after the release.

London Session Recap

There were a couple of releases lined up in the Euro area and the UK, including the German industrial production data and UK trade balance report. The first one was the German Industrial Production was released by the Statistisches Bundesamt Deutschland. The market was expecting it to be around 0.4% in December 2014, compared with a month ago. However, the result was not in line with the forecast, as the German Industrial Production increased by 0.1%. When we analyze the yearly change, then the production declined by 0.7%, compared with the same month of the last year. The last reading was pulled down from -0.5% to -0.3%. There was a major point to note from the report i.e. the mention of production in industry excluding energy and construction increasing by 0.5% and capital goods declining by 1.2%.

In the UK, the Trade Balance was released by National Statistics. The outcome was on the lower side, as the deficit increased from to £-1.841B to £-2.895B in December 2014, compared with the preceding month. Total goods trade balance came in at £-10.154B, up from the last revised reading of £-9.283B.

Technically, the GBPUSD pair climbed towards the 1.5300 resistance area earlier during the London session, which acted as a barrier and the pair declined post NFP release.

James Ansher

James Ansher

When there is a will there is a trade

A successful Forex trader and expert advisor

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