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USD/CHF falls sharply on weaker-than-expected NFP

FXStreet (Córdoba) - The US dollar weakened sharply and faced a selloff wave following the release of lower-than-expected US nonfarm payrolls data.

USD/CHF lost more than a full cent in the kneejerk reaction and posted its lowest level since Sep 21 at 0.9654, having traded as high as 0.9792 just before the release. At time of writing, USD/CHF is trading at 0.9660, recording a 1.10% loss on the day.

US nonfarm payrolls disappoint

US economy added just 142,000 new jobs in September, well below consensus of 203,000, while August and July gains were downwardly revised by a combined 59,000. The unemployment rate stood at 5.1% as expected.

Despite Fed Chair Yellen said recently she expects to raise rates before year end, the disappointing employment reading hurts expectations that the lift-off could take place in October 27, 28 meeting.

EUR/USD breaks above 1.1300

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