Article by ForexTime
The Euro squeezed higher against the greenback on Thursday following a disappointing ECB monetary policy decision. The stronger than expected U.S. payroll report all but assures that the Fed will begin the process of rate normalization when they meet on December 16.
U.S. nonfarm payrolls rose 211k in November. The 271k surge in October was bumped up to 298k while September’s 137k was nudged to 145k for a net 35k upward revision. The unemployment rate was steady at 5.0%. The labor force rose 273k after rebounding 313k in October. Household employment increased 244k. The labor force participation rate ticked up to 62.5% from 62.4%. Average hourly earnings edged up 0.2% following October’s 0.4% jump. Hours worked dipped to 34.5 from 34.6. Private payrolls increased 197k, led by a 46k surge in construction. The goods producing sector added 34k. Manufacturing jobs declined 1k.
Resistance on the EUR/USD is now seen near the 50-day moving average at 1.0977, while support is seen near the 20-day moving average at 1.07.
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