At the time of writing EURUSD is hovering above a support area at 1.1000 – 1.1020 and shows no signs of dropping the way it should if the US jobs market was in such a great condition this report suggests. In fact the hourly earnings dropped lower again to 0.1 after struggling to move 0.5 in the second half 2015. Over this year earnings have been dropping steadily. It seems that either the jobs number reporting isn’t reliable or the jobs now created are zero hour contract type of jobs with low pay and short duration. Hence the volatility in the numbers. These kind of jobs could come and go quickly and do not imply strong economic growth in the US.
Chief Market Analyst
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