US NFP came weak, but earnings saved the day

US NFP came weak, but earnings saved the day

US Nonfarm Payrolls (NFP) contracted by 33K in September. The consensus forecast was an increase of 83K. Such weak reading can be explained by the negative impact of devastating hurricanes.

At the same time, the unemployment rate declined from 4.4% to 4.2% and growth pace of average hourly earnings increased from 0.2% to 0.3%.

USD index strengthened from 93.80 to 94.00 on the release.

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