EUR/USD spikes higher after higher unemployment rate eclipses payroll gain

The February US monthly jobs report has just been released and it has beaten forecasts. Non farm payrolls rose by 275k, which was well above consensus. The underlying rate rose to 3.9% though and that was not due to the participation rate. wages came in line though, at 4.3%. The dollar was falling back towards session lows and US stock futures were rebounding coming into this number, which perhaps gives some indication of what the markets were expecting. Well, despite the jump in payrolls, it seems the higher underlying rate has dented it more. The EUR/USD has now lifted close to 1.0975. It is backing off a bit now, currently trading at 1.0957