- The dollar marks new highs against the euro and the pound after employment data.
- Nonfarm payrolls rise above expectations at 678,000.
- Stock markets fall sharply due to worsening crisis in Ukraine.
GBP/USD extended the decline to 1.3219, the lowest level since mid-December following the US jobs data. The dollar had been rising sharply prior to the data. The pair remains under pressure, in a context of caution in the financial markets due to the situation in Ukraine.
The US official report for February showed an increase in non-farm payrolls of 678,000, beating the market consensus of 400,000 and higher than January’s 481,000 (revised from 467,000). It was the highest figure since July. On the downside, revenue was flat.
The dollar experienced a great reaction to the data. The continuation of the GBP/USD decline seemed to follow a continuation of the previous movement.
below minimum, the next support for the pair can be seen around 1.3200/05, which is the last big protection before the December low of 1.3155. On the upside, 1.3270 looms as the first resistance followed by 1.3300.
Technical levels
Source: Fx Street
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