The USD initial reaction has been to push higher with the larger than expected increase in NFP.
Hourly earnings were also higher than expected at 4.1%. However, the unemployment rate rose by 0.1%, because of a large fall in the seperate Household data survey for employment! The Fed has so far put more emphasis on the establishment data NFP than the household data employment, which has seen a large divergence in recent months. For the USD, consolidation will likely now be evident, as the market waits for the CPI and FOMC on wednesday.
