Forex:Strong US work data boosts the dollar, euro covers the dollar gains

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Strong US Data for the month of March much better that what the market expected in the Nonfarm payrolls combined with a 0.1% improvement in the unemployment rate have boosted the dollar against the euro and the yen. The 216k announced figure was significantly higher than the 190k the market expected and the previous reading of 194k of February. The month’s unemployment rate was at 8.8%. Following the news announcement at 13:30GMT the EURUSD plumed from 1.4144 to a session low of 1.4060 losing over a near 85 pips in a hour.

The nonfarm payrolls figure is one of the most essential economic indicators. It presents the number of people on the payrolls of all businesses types apart from agricultural. Monthly changes in payrolls can be extremely volatile. Usually , a high value is associated by bullish behavior of the currency while a low value by bearish. The EURUSD is currently traded at 1.4149 having shown a full recovery after the strong US data.