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 January, to the highest value in the last 10 years. The report shows there were 1.23 million persons on he claimant count in January, and up by 73,800 from one month earlier. The previous released number was revised from 77,900K to 79,900K.
Forex Technical Reaction: The pound had a very strong reaction to the news release, gaining more than 60 pips. Since the beginning of the Asian session the pound has fallen 80 pips, breaking under the low of the previous day of trading.