Unit Labor Costs q/q comes in at 1.2% against 1.3% consensus
| Pair | Now | Since publish |
|---|---|---|
| EURUSD | — | — |
| USDJPY | — | — |
Unit Labor Costs for the US economy came in at 1.2% quarter over quarter, below the consensus expectation of 1.3%. This actual figure also represents a decrease from the previous reading of 1.3%. The print showed a surprise of -7.7% compared to the market consensus.
Following the release, the US Dollar showed a general weakening against major currencies. AUDUSD rose 10 pips 15 minutes after the release, while EURUSD also gained 10 pips. GBPUSD moved up 18 pips, reaching the top-quarter range of its historical moves for this release type, which is 18+ pips. NZDUSD increased 9.3 pips. Against the USD, USDCAD fell 6.0 pips, USDCHF dropped 9.8 pips, and USDJPY declined 20 pips. Gold, XAUUSD, saw a significant rise of 225 pips, well above its typical top-quarter move of 66+ pips. For most pairs, the 15-minute moves were larger than their respective median 1-hour moves, which range from 6 to 9 pips for the currency pairs.