US nonfarm payrolls released on Friday beat estimates after substantially disappointing ADP figures and Challenger Job Cuts. The latest figure showed the US economy added 295,000 jobs in February despite poor weather conditions and rising layoffs in the energy sector. The majority of gains came from sectors that have lower salaries and wages which is why average hourly earnings failed to meet expectations of a 0.20% gain month over month. More concerning was the drop in the labor force participation rate which fell to new multi-decade lows. The dollar shrugged off this point, hitting new multi-year highs and causing a precipitous drop in gold prices which fell 2.7% following the announcement. Traders are meanwhile moving up forecasts for higher interest rates as the data remains supportive of medium-term hike.