BREAKING: EURUSD dips after stronger than expected NFP report 📌

01:30 PM BST, United States - Employment Data for May:

• Nonfarm Payrolls: actual 139K; forecast 126K; previous 147K;
  • Private Nonfarm Payrolls: actual 140K; forecast 110K; previous 146K;
  • Manufacturing Payrolls: actual -8K; forecast -1K; previous 5K;
  • Government Payrolls: actual -1.0K; previous 1.0K;
• Unemployment Rate: actual 4.2%; forecast 4.2%; previous 4.2%;
• U6 Unemployment Rate: actual 7.8%; previous 7.8%;
• Participation Rate: actual 62.4%; previous 62.6%;
• Average Weekly Hours: actual 34.3; forecast 34.3; previous 34.3;
• Average Hourly Earnings: actual 0.4% MoM; forecast 0.3% MoM; previous 0.2% MoM;
• Average Hourly Earnings: actual 3.9% YoY; forecast 3.7% YoY; previous 3.9% YoY;

NFP labor market data once again comes in above expectations. The reading shows a large divergence from Wednesday’s ADP release. Currently, the market is pricing in two full interest rate cuts by the Fed in September and December.