U.S. Session Recap – June 9, 2014

  • NFP prints at 217K vs. 215K expected
  • US unemployment rate remains at 6.3% vs. expected uptick to 6.4%
  • US labor participation rate unchanged at 62.8%
  • US average hourly earnings up by 0.2% vs. 0.0% previous
  • CA shows additional 25.8K jobs created vs. 25K expected
  • CA unemployment rate up from 6.9% to 7.0%

Ho-hum. The big NFP report wasn’t as volatility-inducing as analysts had expected thanks to the reports coming in mostly in line with expectations. Market players sold the Greenback at the reports’ release but soon recovered against its major counterparts.

EUR/USD popped by 50 pips in the first hour of the U.S. trading session but only ended with a 6-pip gain at 1.3639. Ditto for GBP/USD, which rose by 30 pips to 1.6845 before ending the session at 1.6806. Even USD/JPY tested its 102.00 support before closing the session 17 pips higher than its open price at 102.53.

Canada also released its employment numbers but was mostly upstaged by the U.S. NFP data. The biggest mover was seen in EUR/CAD, which bounced in a 50-pip range in the hour of Canada’s jobs numbers release. The pair eventually settled with a 21-pip gain to 1.4913.

Today we only have Japan’s current account, consumer confidence, and final quarterly GDP numbers on tap during the Asian session. These reports don’t usually affect the major currencies for long, so keep an eye out for other catalysts that might move your favorite currencies!

See also:

London Session Recap

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