Participation Rate (USD) comes in at 61.6% against 61.4% consensus

The US Participation Rate, released at 12:32 UTC, came in at 61.6%. This figure was higher than the consensus expectation of 61.4% and also above the previous reading of 61.4%. The actual print represented a 0.3% surprise against the market consensus.

Following the release, the US Dollar saw varied movements against major pairs. Fifteen minutes after the data, AUDUSD was down 20 pips, EURUSD down 27 pips, GBPUSD down 35 pips, and NZDUSD down 27 pips. USDCAD was up 70 pips, USDCHF up 33 pips, and USDJPY was up 22 pips. Gold, XAUUSD, traded down 759 pips. Compared to historical data, the 70-pip move in USDCAD, the 33-pip move in USDCHF, and the 759-pip move in XAUUSD were notably larger than their respective top-quarter historical moves of 41 pips, 32 pips, and 126 pips for similar releases. The 22-pip move in USDJPY was smaller than its median 1-hour move of 27 pips.