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Friday’s payrolls report came in the midst of speculation that the labor market was cooling. This sentiment was set after a weaker than expected private payrolls report.
However, investors were in for a surprise when the payrolls for November rose by 266,000. The previous month’s payrolls were revised higher to 156,000.
The official unemployment rate fell to 3.5%, down from 3.6% earlier.
Euro Slips as Dollar Closes Higher
The jobs report helped the greenback close the day on Friday with gains. This was the first positive close after nearly five consecutive sessions of declines.
Economic data from the eurozone was sparse on Friday. As a result, the NFP was the major driver of flows in the EURUSD.
EURUSD Loses the 1.1100 Handle
The currency pair’s rally to the 1.1100 price level hit a snag after the jobs report. As a result, the euro pared gains, turning lower on the day.
In the near term, price could retest the minor support level at 1.1072 which was breached. A successful retest of thi...
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