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EUR/USD, USD/JPY: USD Surges after Positive US Jobs data
NFP: the Nonfarm payroll showed that 165,000 US jobs were added in April, which bested forecasts around 146K (according to Forexfactory.com), and improved on the revised-up 138K for March. The unemployment rate fell from 7.6% to 7.5%. This should lift some weight off the USD, but is just one positive jobs report. The EUR/USD and USD/JPY both show a strong USD reaction immediately following the release. Head and shoulders: The EUR/USD formed a head and shoulders after the ECB cut its minimum bid rate to a record low of 0.50%. Over the 5/3 Asian/European session, the pair pulled back to test the head and shoulders’ ... (full story)