US jobs data, released this morning at 8:30 a.m. ET, has beat estimates. Payrolls climbed by 287,000 in June, jumping the highest in eight months. The forecast had called for an increase of 180K. Taking its cue from last month’s dismal Nonfarm Payroll figures, the dollar had slipped against its major peers before the latest data was released. But immediately after, the Bloomberg Dollar Spot Index gained over 0.5% despite data showing that jobless rate rose slightly and wages increased less than expected. Overall, the payroll figures will help reassure investors and the Federal Reserve that despite risk factors such as Britain’s decision to leave the European Union and potentially weaker profits, US companies are continuing to hire. The upbeat data also suggests that consumer spending will increase.

The euro, which was trading without strong direction prior to the jobs release, took a large swing lower immediately after but quickly recovered the losses. The British pound saw slight gains this morning prior to the Nonfarm report, but mirrored the euro’s price action against the dollar with a quick fall and an immediate recovery. A survey by GfK this morning has found that UK consumer confidence since the Brexit referendum two weeks ago is at its steepest decline since 1994, but investors are looking to the coming Bank of England meeting next week. In the Asian market, the Chinese yuan is continuing to decline this morning, its longest run of losses in 2016 as it seems the Chinese central bank is turning to currency depreciation as a way to revive the economy.

Meanwhile, oil has risen from its largest weekly decline in five months due to the biggest drop in US output since 2013. With investor attention on US jobs data, oil’s gains have failed to lift the Canadian dollar.

EURUSD: Euro falls and then recovers after US jobs data comes in much better than expected.

GBPUSD: Pound dips after US NFP but rises quickly as investors look to next week’s BoE meeting.

AUDUSD: Australian dollar continues uptick as commodities and stocks strengthen.

USDCAD: Canadian dollar weakens after US NFP data despite gains in oil prices.