NFP Shock: Oil Sinks Despite Dollar Weakness – Trading Implications
Oil Markets & Dollar: the NFP Effect Unpacked 1. Background: Energy Demand and U.S. Jobs Data The August Nonfarm Payrolls report came in far weaker than expected, with only 22,000 jobs added versus a forecast of 75,000. The unemployment rate ticked up to 4.3%, highlighting a clear cooling in the labor market. For energy traders,…