- This morning brings the release of Non-farm Payrolls data for the month of January.
- The US Dollar[1] jumped to a fresh yearly high ahead of the release after a destructive evening in Europe, with the continent’s largest nuclear plant undergoing attack.
- The analysis contained in article relies on price action[2] and chart formations[3]. To learn more about price action or chart patterns, check out our DailyFX Education[4] section.
Non-farm Payrolls was released this morning to the tune of +678k. This is the final NFP[5] release ahead of the March FOMC[6] rate decision where the bank is expected to hike rates for the first time since 2018. But, perhaps more importantly, this would be the first step towards paring back some of the outsized accommodation that had been set since the onset of Covid.
Jobs data has remained in focus as this has been the Fed’s pressure point for liftoff. Inflation raged throughout last year but the bank continually avoided any element of tightening for fear of choking off the labor market recovery.
Updating…
--- Written by James Stanley, Senior Strategist for DailyFX.com
Contact and follow James on Twitter: @JStanleyFX[7]
DailyFX[8] provides forex news and technical analysis on the trends that influence the global currency markets.
