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Session Recap: Strong nonfarm payrolls boost the greenback

The main feature of the session was the US nonfarm payrolls report which came in surprisingly strong, boosting the greenback versus main competitors except for the loonie. The government reported the US economy added 236,000 new jobs, against 160,000 expected, while the unemployment rate fell to 7.7%, 5-year low, from 7.9% the previous month.

Despite the risk appetite boost, which usually is negatively correlated to the USD, the greenback surged as the positive figures lower prospects of further easing by the Fed. Unemployment rate is inching closer to the Fed's 6.5% target for when it will consider withdrawing easing measures.

Main Headlines in Europe (in chronological order):

Switzerland: Inflation up 0.3% in February, as expected

Forex Flash: What does EUR/USD has to offer? – UBS and Commerzbank

UK: Consumer Inflation Expectations up 3.6% in March

Greece: Inflation rises 0.1% in January

Fundamental Morning Wrap: Draghi plays chicken for structural reform as NFP climb expected

Germany: Annual Industrial Production decline accelerates in January

IMF's Lagarde upbeat on Ireland's economic prospects

Euro looks to Payrolls for extra boost

European markets resume yesterday's sentiment, US futures up ahead of NFP

ECB and BoE easing risks remain finely balanced - TD Securities

US: NFP rose to 236K in February

Canada: Unemployment remained at 7.0% in February

USD/JPY soars above 96.50 on strong NFP

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

Forex: EUR/USD hits fresh 3-month low

American equity markets edge higher on upbeat US data

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Forex: GBP/USD bounces from 1.4887 spike low to 1.4950

The GBP/USD is getting deeper into mid-2010 lows as the pair went as low as 1.4887 and July 2010 low was printed at 1.4878. The trigger for the ~150-pip plunge was the improving US labor market data, surprising investors with more jobs and a lower unemployment rate than expected.
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