Release Explanation: Measures the number of jobs created, or the percentage of employed/unemployed in the labor market. It is very important that economic forecasts are based on the labor market. Economic strength builds from the willingness/confidence of firms to hire, without a strong labor market growth is hard to achieve.
Trade Desk Thoughts: The number of people seeking unemployment increased again in February, to the highest value in the last 12 years. The report shows there were 1.39 million persons on the claimant count in February, and up by 138,400 from one month earlier. Additionally, the released number for the month of February, 138.4K, is the biggest monthly gain since 1971, when records first began. The previous released number was revised from 73,800K to 93,500K.
Forex Technical Reaction: The pound had a very strong reaction to the news release, falling nearly 60 pips. Since the beginning of the European session, the pound has fallen 170 pips against the dollar, and 120 pips against the euro.