NFP: Horrendous reading reinforces the dollar

Non-farm payrolls lose 701,000 despite incomplete accounting while the US dollar continues to gain on safety trade from global virus economic impact, FXStreet’s analyst Joseph Trevisani reports.

Key quotes

“American non-farm payrolls shed 701,000 jobs in March, more than the worst loss during the financial crisis and surprising markets with the Labor Department’s ability to capture the rapid job losses.”

“Unemployment rose from a fifty-year low of 3.5% to 4.4% in March but here also the speed of the changes in the labor force outpaced the ability of statisticians to capture it.”

“The dollar gained modestly against the euro on the release rising from 1.0800 to 1.0778 reinforcing its safety status for the world's currency markets. The greenback rose to 108.56 against the yen from 108.40.”