Dollar Gains on Unexpected Employment Data
June 5th, 2009EUR/USD declined today as the unexpected data on the May employment market situation surprised and confused the Forex traders. After growing during the early trading session, EUR/USD is now trading at its June’s low near 1.3965.
Nonfarm payrolls decreased by 345k in May after sliding by 504k in April (revised positively from -539k change). That was a complete surprise to the market participants as it was almost twice as low as the average decline during the past 6 months. The forecasts also showed 520k decrease of the payrolls. Meanwhile, the unemployment rate rose unexpectedly fast — from 8.9% to 9.4%, and appeared to be above the forecast value of 9.2%.