The latest NFP figures came in at 113K versus 75k  last month and worst than the 185k consensus. Participation rate fell to 66.3% from 66.4%

We can conclude that it is a weak number but is is also something not totally unexpected as one Fed president did say that the number would have been impacted bythe weather and that factor will be take by the Fed. As such, we should not be totally bearish on the US dollar as with the weather taken into account and providing a convenient excuse for the Fed not to shift course based on the most recent two months data.

In the wake of the NFP release, GBPUSD went up to a high of 1.6393 but is currently going back down to 1.6365. Take note of the supply level 1.6410 on the GBPUSD. 

Fed’s Fisher tipped the market just prior to the release and is blaming the weather for the poorer numbers. This is assisting the US dollar from spiralling downwards and giving support to the stock market which has seen some rebound these few days.

EURUSD has is seen going higher too and has broken yesterday’s highs at 1.3619 and reaching 1.3634 before easing. 

USD/JPY fell to 101.45 and now trades at 101.63.

AUDUSD is seen rising now towards 0.90.

I believe that bad days for the US dollar might have just passed as the Fed has already taken the weather and seasonal issues into the picture. Lets see how the market now reacts to post NFP.

To your trading victory!

~ Ardy