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EUR/USD falls to 6-month low after strong NFP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 6, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/USD fell to its lowest level since April as the dollar soared across the board after data showed the US economy added more jobs than expected in October.

    US economy added 271,000 new jobs in October versus 180,000 expected and up from 237,000 the previous month, according to the nonfarm payrolls report. Meanwhile, the unemployment rate dropped to 5.0% versus 5.1% expected.

    Following a strong employment reading, expectations of a Fed rate hike in December increased considerably. Earlier this week, Fed Chair Yellen had said December was a live meeting and the decision would depend on data.

    EUR/USD lost more than 170 pips after the release and scored a 6-month low of 1.0707 before taking a breather. At time of writing, the pair is trading at 1.0729, recording a 1.40% loss on the day.
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