The latest US employment data was mixed, causing no noticable reaction in the currency market.
According to latest non-farm payrolls, 431,000 jobs were created in the US economy, well below a forecasted increase of 490,000. However, February's employment data was revised upwards to 750,000.
Unemployment decreased to 3.6% from 3.8% in February. Economists expected unemployment to fall to 3.7%.
Why did the market not react with volatility after this important data was released?
There are two possible reasons. Firstly, even though the final payroll data did not match previous estimates, it still was a signal of strong job creation in the US. Secondly, investors probably awaited the reaction of the US market after the opening of the New York session. Furthermore, market players could be cautious amid ongoing geopolitical tensions between Russia and Western countries due to the war in Ukraine.
Market players would now focus on the ISM manufacturing PMI, which was projected to increase to 59.0 points from 58.6 in February. If the index does not fall below the forecasted level, it could boost demand for equities in the US and create a swing low for USD.
