No, the market was not manipulated on US job numbers. In fact, the market totally followed the fundamentals where short-sighted traders faced huge losses as they bought the market right after the release of NFP data and as well as unemployment rate.
The data was ‘apparently’ not up to the mark where the figures couldn’t meet the expected numbers; however, a wise trader would always analyze the data by comparing it to the previously recorded figures and if we see then we would realize then way more jobs were added last month as compared to February, while the unemployment rate remained same at 6.7%.
Wall Street sounds Dovish
The S&P 500 index plunged sharply where it reverted back from the resistance level of 1892 and hit 1854 mark within a few hours and ended up closing at 1861. The reason why it took such a huge dip is that the job numbers are pretty good and labor market seems to be doing quite well against the comments made by Janet Yellen a few days back.
Therefore, it means that less stimulus is needed for the market now so the lesser the money is pumped in, the more dovish it sounds for the Wall Street.
On the other hand, the major currency pairs couldn’t take any particular direction and remained in a choppy direction after the job numbers. Moreover, the bearish move that was due for the major pairs after this data was already taken by the Euro and Pound this past week so more selling wasn’t possible as the buyers were intact of the market at support levels.
The upcoming week has several economic indicators due including the Australian unemployment rate, interest rate for the UK economy, FOMC meeting, and the Japanese monetary policy statement that can actually shape up the JPY pairs and the Asian markets.
To contact the reporter of this story: Jonathan Millet at firstname.lastname@example.org