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 benefits rose in December to the highest value in the last 9 years. The report shows there were 1.16 million persons on he claimant count in December, and up by 77,900 from one month earlier. The previous released number was revised lower, from 75,700K to 83,100K.
Forex Technical Reaction: From the high reached in the Asian session, the pound tumbled nearly 300 pips during the European trading hours. The bad fundamentals coming out of the U.K. lately has dragged the pair to a 8 year low. Today's news releases produced a weak, as the pair moved only 20 pips.