The monthly payrolls report for August was a mixed bag but deemed to be positive overall. With the exception of the lower number of jobs created, the August payrolls was strong as the US unemployment rate fell to 5.1% and stands just 10 basis points short of the Federal Reserve's NAIRU of 5%. Average hourly earnings also increased to 0.3%, from 0.2%. The number of jobs created in August fell short of estimates of 215K, instead rising by a meager 173K near the low end of the consensus range. However, this weak print in jobs was expected by and large by the markets due to seasonal adjustments and is expected to be revised higher. The previous two month's payrolls numbers were also revised higher by a total of 44K jobs added. EURUSD closed Friday’s session at 1.1160 and looks pressured to the downside in the near-term following last week’s commentary from ECB President Mario Draghi.
A Quiet Start
Daily Analysis - 07/09/2015