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US employment report produces mixed bag of results

Posted on: February 03, 2017

This morning US employment numbers are the big story, with Nonfarm Payrolls gaining 227k compared to expectations of 180k. While that represented a substantial beat, the market was not thrilled about the decline in Hourly Earnings, as the change in payrolls was well forecasted by the ADP report. After popping higher on the headline number the USD was sold against most crosses on a closer look. The probability of a March hike fell 6%, with much of the market still eyeing June for the first rate hike of 2017.

Overnight, the Bank of Japan staged an aggressive buyback program while in China the reverse repo and standard lending facility were raised by 10 bps. The UK PMI disappointed which caused GBP to sell against the USD. For now support in USDCAD seems to be holding around 1.3010/20. Later this morning we have Durable Goods and Factory Orders to finish out the week.

  • Yesterday’s NA Range 1.2981 – 1.3034
  • Asia Overnight Range 1.3022 – 1.3040
  • London Overnight Range 1.3012 – 1.3076

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