This afternoon’s Non-Farm Payrolls (NFP) data was shocking to forex traders at the time of its publication. Expectations had priced in a growth of roughly 74,000 jobs, down from last month’s 117,000. The actual figure was a big fat doughnut hole in employment change across the United States.
The report revealed zero change in jobs for the past month. That is: no growth, no contraction (i.e. stagnation). Investors were clamoring for safety – thereby driving the USD higher – after the news was published and political pundits are beginning to crawl out of the woodwork chastising President Obama for pushing back his jobs plan speech after a dispute with House Speaker John Boehner (R-OH) after its timing was found to coincide with televised debates between Republican presidential hopefuls.
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