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Dollar slips toward 0.6900 as US inflation prints below expectations

US nonfarm payrolls rose 29K in September, while the household survey showed a 406K employment jump and the unemployment rate held at 4.2%, according to NBC Economics and Strategy.

Reported · Written up by our desk · Major Pairs

NBC Economics and Strategy cited a mixed US labor and inflation picture as a driver for USD weakness, noting that nonfarm payrolls rose 29K in September versus a 90K consensus. The household survey showed employment surged by 406K, and the unemployment rate was 4.2%.

The same note said Q2 real GDP was revised up to 2.2% annualized, while inflation came in below expectations, with the headline PCE deflator at 3.4% and core PCE at 3.0%. It also pointed out that the negative inflation surprise was partly tied to methodology changes.

FXStreet also referenced the market reaction, saying AUD/USD turned lower toward 0.6900 as the US data reinforced a softer inflation backdrop for the dollar. FXStreet framed the inflation commentary as significantly below consensus, with headline PCE in August unchanged at 3.4% and core at 3.0%.

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