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FX Winners and Losers from Today’s Non-Farm Payrolls Report

Following the release of worse than expected US jobs report that showed the economy dropped 95,000 jobs in the previous month there were players that fared well, such as the euro, and others that fared not so well such as the Japanese yen and the Swiss franc.
For the fourth consecutive month, the US showed a decline in payrolls from the key Non-Farm Payrolls report. A breakdown of the numbers show that in the month of September, private payrolls expanded moderately by +64K, on expectations of +75K, though this was the lowest increase since May. The unemployment rate held firm at 9.6%. Public sector jobs were down sharply by -76K.
The initial knee jerk reaction saw equities head lower and the dollar strengthening. However, an hour after the release of the jobs report, the S&P 500 was back in the black and the EUR/USD had erased almost all of its losses for the day.
Traders who are shorting the dollar should be feeling comfortable as the US dollar index is down today by -0.16%. The weak employment data may also be the straw that broke the camel’s back, pushing the Fed to launch another round of quantitative easing during their November meeting.
Winners: euro and shorting the dollar.
Current trends appear to be continuing as the Japanese yen and the Swiss franc push on, both strengthening against the dollar.
The USD/JPY moved below yesterday’s 15-year low to a new price of 81.72. Continued intervention talk circle the FX community as Japanese government officials cannot shy away from intervention comments. The all-time low of 79.70 for the USD/JPY appears to be insight.
The USD/CHF also headed lower past its all-time low and is trading near the 0.96 level.
Both the Japanese and the Swiss governments would like to have some respite from their currencies that continue to strengthen. However, the market feels otherwise.
Losers: yen and Swiss franc.
Let’s also not forget that the person who is not coming out ahead following the jobs report is the American citizen who is out of work.

Disclosure: No positions