US March non-farm payrolls +175K vs +243K expected

• Prior +303K
• Two-month net revision -22K vs +22K prior
• Unemployment rate 3.9% vs 3.8% expected
• Prior unemployment rate 3.8%
• Participation rate 62.7% vs 62.7% prior
• U6 underemployment rate 7.4% vs 7.3% prior
• Average hourly earnings +0.2% m/m vs +0.3% expected(+0.202% unrounded)
• Prior avg hourly earnings +0.3% m/m
• Average hourly earnings +3.9% y/y vs +4.0% expected
• Average weekly hours 34.3 vs 34.4 expected
• Change in private payrolls +167K vs +190K expected
• Change in manufacturing payrolls +8K vs +5K expected
• Household survey -25K vs +498K prior

The US dollar was near the lows of the day ahead of the report with EUR/USD trading at 1.0750 and USD/JPY at 153.17. Fed pricing was at 42 bps of cuts for the year.

Since the report, the euro has quickly risen to 1.0793 and the rates market is pricing in 52 bps of easing.

In the fixed income market, US 2-year yields are down 13 bps to 4.74%.

This article was written by Adam Button at www.forexlive.com.