Dollar shows rather little reactions to non-farm payroll report. It spikes initial on very strong headline number. But the greenback is quickly pare the little gains as the overall set of data is just mixed. In particular, wage growth is rather disappointing.
US non-farm payroll grew 304k in January, well above expectation of 165k. However, prior month’s figure was revised sharply down from 312k to 222k. Unemployment rate rose to 4.0% versus expectation of 3.8%. But labor force participation rate also rose to 63.2%, up from 63.1%. Wage growth is a clear miss with average hourly earnings rose 0.1% mom versus expectation of 0.3% mom.