EUR/USD attempted to rally today but reversed its movement intraday and continued to more lower after US nonfarm payrolls came out better than was expected. The currency pair made a weak attempt to rebound afterwards but failed. All of US macroeconomic indicators released today were either within expectations or better.

Nonfarm payrolls rose by 250k in October, exceeding the average forecast of 194k. The already disappointing September reading got a negative revision from 134k to 118k. Unemployment rate stayed unchanged at 3.7%, exactly as specialists had expected. Average hourly earnings rose by 0.2%, also within expectations, after increasing 0.3% in the previous month. (Event A on the chart.)

Trade balance deficit increased to $54.0 billion in September from $53.3 billion in August. That is compared to the consensus forecast of $53.5 billion. (Event A on the chart.)

Factory orders increased by 0.7% in September, more than experts had predicted — 0.5%. The previous month’s already big increase of 2.3% got a positive revision to 2.6%. (Event B on the chart.)

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Posted on Forex blog.

Original source: https://www.earnforex.com/blog/eur-usd-trades-lower-after-nfp-surprise-positively/

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