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08.03.2019:USD unaffected by dismal US nonfarm payrolls (USD, CAD)

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08.03.2019:USD unaffected by dismal US nonfarm payrolls (USD, CAD)


Long-awaited official data on the US market astonished investors. Interestingly, US assets showed resilience.
Traders expected downbeat data as on Wednesday ADP National Employment Report showed low employment in the US private sector. The data from the US Labor Department reveals trends both in the private and public sectors. Remarkably, despite the longest shutdown in the US history the economy added 311,000 jobs in January. Moreover, the figure was upgraded from 304,000 jobs in a flash estimate. However, non-farm payroll employment edged up by 20,000 jobs in February, much weaker than the forecast for a gain of 180,000. The Labor Department reported that the private sector added just 25,000 jobs.
The market showed a muted response to the news. The US dollar index skidded just 20 pips to trade at 97.30. Even in light of such modest employment data, the US currency retains the status of one of the safest assets.
On the plus side, the unemployment rate dropped better than expected. The jobless rate fell to 3.8% from 4.0% in the previous month.
Investors cheered solid growth of average hourly earnings. Such data signals growing momentum in consumer inflation which is an important criterion for the Federal Reserve to decide on a rate hike. Average wages rose by 0.4% in February, thus increasing an annual pace of growth to 3.4%. The consensus suggested a 3.3% gain.
The US dollar asserted its strength versus the Canadian counterpart. The USD/CAD pair dipped to trade at 1.3425, though Canada provided upbeat data on the job market.
The situation here is the opposite to the one in the US. The Canadian employment surged by almost 60,000 in February, beating the forecast for just 600 new jobs.
To sum it up, traders again decided to leave for the weekend with long deals on the US dollar. Shaky economic conditions and geopolitical tensions prompt traders to opt for a safer instrument in their portfolios.

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