OctaFX | OctaFX Forex Broker
Open trading account

Forex: EUR/GBP spikes higher following NFP surprise

Having posted a morning high at 0.8739, EUR/GBP has steadily decline throughout the European session, posting a low at 0.8706 in the build up to today's NFPs.

However, today´s numbers shattered forecasts at 265k/160k, while US unemployment dropped to 7.7% from expectations of 7.9%. The immediate reaction saw spot shoot up to post a high at 0.8743, which has subsequently been retracted almost fully to 0.8718 where it currently trades. Hourly RSI is still within its recent midway trend at 55 but has an near term upside bias.

Commodities Brief – Precious metals decline sharply following upbeat US payroll and employment data, crude prices held in check

Gold prices have collapsed in recent moments after what could be described as a tepid European session. However, following the release of very upbeat US data, which saw Nonfarm Payrolls in February climb to 234K and Unemployment drop to 7.7%, the yellow metal found itself under siege, dropping to USD $1566.70 per oz. in these moments. This represents a minor bounce off the knee-jerk induced lows of 1560.95.
Read more Next
Start livechat