- GBP/USD tumbled on an initial reaction to the headline.
- US Nonfarm Payrolls for March came below estimates, but the US Dollar rallied.
- Average Hourly Earnings came a tick lower, while the Unemployment Rate was unchanged.
GBP/USD tumbles on a worse-than-expected US Nonfarm Payrolls report, with the US economy adding fewer jobs than analysts’ consensus. However, the initial reaction favored the US Dollar (USD). At the time of writing, the GBP/USD trades volatile around the 1.2450-1.2370 range, below its opening price.
US Nonfarm Payrolls below estimates, but the greenback rises
Delving into March’s Nonfarm Payrolls data, the US Bureau of Labor Statistics (BLS) revealed the creation of fewer than 240K employments estimated, increased by 236, and trailed February’s 311K. Average Hourly Earnings, estimated at 4.3%, came at 4.2%, and the Unemployment Rate was at 3.5%YoY, below the expected 3.6%.
GBP/USD 1-Hour Chart Reaction
The GBP/USD printed a new four-day low, at 1.2389, in a perception that the report was soft, but not as probably estimated to be a scenario that could weaken the USD. The GBP/USD tumbled below the S1 daily pivot, at 1.2405, with traders eyeing the S2 daily pivot at 1.2370.
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