The Labor Department reported that the U.S. economy recorded much better results for May’s jobs compared to analysts’ predictions for 220,000, having added 280,000 jobs. The rate of unemployment escalated from the previous month’s 5.4% to 5.5% this month.
The U.S. dollar, following Friday’s data release, escalated versus its other major counter peer currencies. USD/JPY climbed the most since 2002, hitting at 125.85, having ended the week with 1.08% gains.
The EUR/USD, prior to pulling back to 1.1113, dropped as low as 1.1050, GBP/USD reached 1.5271, down by 0.61%, and the USD/CHF closed at 0.9389.
Furthermore, the Canadian economy recorded much greater results as per the predictions for a 10,000 jobs growth, having added 58,900 for the month of May. The nation’s rate of unemployment was in line with the predictions and remained unchanged at 6.8%. The USD/CAD currency pair settled at 1.2438.
Moreover, for this week, investors or traders will be closely monitoring euro zone’s industrial production data and Japan’s growth for the first quarter. In addition, investors will be waiting for the outcome of the U.S.’s consumers’ sentiment that is to be released on Friday, as well the retail sales report that will be released on Thursday.