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US non-farms disappoint

Posted on: June 02, 2017

Ouch! Nothing redeeming about the US Employment report this morning. After ADP piqued the markets interest with a strong print yesterday, hopes of another 200k+ Non-Farm number were quickly erased as the US added 138k jobs, well below expectations of 182k. The previous month was also revised lower, causing the USD to sell off against most of the G10. EURUSD is trying to run stops above 1.1260 while Cable chugs along towards 1.29 and USDJPY swiftly regains a 110 handle. USDCAD is actually hanging in there as another rough session in crude continues to weigh on the Loonie. Overnight currency markets were pretty quiet, with the main story being the continuing reaction to President Trump pulling the United States out of the Paris Climate Accord.

For those watching USDCAD, oil woes continue to drive the bus. Despite a strong inventory report yesterday, participants were quick to dump WTI after it briefly rallied above $49 on the report. Overnight WTI pushed lower, firmly in a $47 handle in early trading this morning which is blunting any gains from a poor US Non-Farm number. April trade numbers in Canada were worse than expected however increased exports present an encouraging sign for GDP numbers. 1.3540/50 continues to provide near term resistance while initial support comes in around 1.3470/80. For those looking for a breakout either way, it will depend on the battle of the seemingly unstoppable force of oil price declines over the last week against the unemployable object that is poor US job numbers.

  • Yesterday’s NA Range 1.3472 – 1.3527
  • Asia Overnight Range 1.3506– 1.3524
  • London Overnight Range 1.3495– 1.3547

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