Dollar Sinks on Payrolls

USD slammed on big drop in payrolls, with EUR-USD spiking from near daily lows to new highs over 1.0968 in seconds. If the data causes a correction in recent stock gains, look for extended dollar losses into next week.

U.S nonfarm payrolls dropped 93K in August following a revised 49K decline in July (-44K previously). The consensus was for a 18K increase.

The unemployment rate fell to 6.1% from 6.2%. Economists had excpected an unchanged rate. The workweek were steady at 33.6 hrs. Average hourly earnings were up 0.1% following a 0.3% gain in July.

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