EURUSD Testing Fresh Tops in the Wake of NFP Data

The Bureau of Labor Statistics published their NFP report. EURUSD is now testing fresh tops as NFP data came in lower than expected.

Revised statistics indicate that the US non-farm employment added only 261,000 new jobs as against the initially estimated 312,000. Sensitive to the release, EURUSD jumped up testing fresh tops at 1.16205 and seems to be heading towards 1.17 levels.

While the number of jobs added in October disappointed economists and investors alike, statisticians say that actually the unemployment rate fell by 4.1% bettering the 4.2% consensus. Average earnings came in at 2.4% compared to the expected 2.7%.

Comparatively, across the North border, in Canada the situation seems to be a little bit better with the unemployment rate coming in at 6.3% compared to the initially estimated 6.2% for October.

Based on the release, USDCAD trades around 1.12765, closer to 1.279 levels.