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NZD/USD drops below 0.7800 after US jobs report

FXStreet (Córdoba) - A strong reading of US nonfarm payrolls and an upwardly revised figure to last month dismal gain sent the dollar soaring across the board and NZD/USD below 0.7800.

NZD/USD lost nearly 100 pips and broke below the 100-hour SMA and the 0.78 mark, falling as low as 0.7772 in recent dealings. At time of writing, the pair is trading at 0.7780, recording a 0.98% loss on the day, having completely retraced yesterday’s recovery.

NZD/USD has been under strong pressure lately after the RBNZ said it had intervened to avoid NZD strength and amid broad USD strength on prospects of a hawkish Fed.

US nonfarm payrolls showed economy created 248,000 in September versus an upwardly revised gain of 180,000 last month and beating expectations of 215,000. Meanwhile, the unemployment rate unexpectedly dropped to 5.9%, hitting its lowest level since July 2008.

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