The US dollar is softer against the euro, pound and yen following the August non-farm payrolls report. The US added 187K jobs compared to 170K expected but the market focus was on the unemployment rate, which rose to 3.8% from 3.5%. That's the highest since February...
August Jobs Report: Payrolls Rise by 187K, Setting Gold and USD on Opposite Paths
AUGUST LABOR MARKET REPORTAugust U.S. nonfarm payrolls increase by 187,000 versus 170,000 expectedThe unemployment rate rises to 3.8%, as the participation rate ticks up to 62.8% from 62.6%Average hourly earnings rise 0.2 % m-o-m and 4.3% y-o-y, one-tenth of a percent...
US August non-farm payrolls +187K vs +170K expected
Prior +187K (revised to +157K)Two-month net revision -110K vs -49K priorUnemployment rate 3.8% vs 3.5% expectedPrior unemployment rate 3.5%Participation rate 62.8% vs 62.6% priorU6 underemployment rate 7.1% vs 6.7% priorAverage hourly earnings +0.2% m/m vs +0.3%...
Canada Q2 GDP -0.2% vs +1.2% expected
Canada qq GDP annualizedQ1 was +3.1% (revised to +2.6%)Q/Q not annualized 0.0% vs +0.8% prior (revised to +0.6%)GDP + vs +2.21% y/y in Q1Implicit price +0.7% q/q vs +0.2% priorExports +0.1% vs +2.4% prior Imports +0.5% vs +0.2% priorHousehold spending on goods +0.1%...
Locked and loaded for the August edition of non-farm payrolls
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ForexLive European FX news wrap: Currencies tightly bound awaiting NFP
Headlines:Markets:JPY leads, AUD lags on the dayEuropean equities higher; S&P 500 futures up 0.4%US 10-year yields up 0.6 bps to 4.096%Gold up 0.2% to $1,943.79WTI crude up 1.1% to $84.53Bitcoin up 0.1% to $26,050It was a quiet session for FX as traders are...
RBA to keep cash rate unchanged next week – poll
34 of 36 economists see the RBA leaving the cash rate unchanged next week21 of 35 economists see the RBA hiking to 4.35% or higher by year-endThe remaining 14 economists forecast no more rate hikes for the yearAmong Australia's "big four", ANZ, CBA, and Westpac are...
NZDUSD Technical Analysis – Watch this key resistance
US:The Fed hiked by 25 bps as expected and kept everything unchanged at the last meeting.Inflation expectations and CPI readings continue to show disinflation with the last two Core CPI M/M figures coming in at 0.16%. The US PMIs missed expectations across the board...
GBP/USD, Dollar Index (DXY) Hold Above Support Ahead of Key US Data Releases
GBP/USD, DXY PRICE, CHARTS AND ANALYSIS:GBP/USD Looks to Recover Yesterdays Losses and Holds Above the 100-Day MA Ahead of US Data.Price Action Remains Choppy as Cable Eyes Clarity from US Data. Will September Provide More Clarity?IG Client Sentiment Shows Retail...
BOE’s Pill: We have not seen a downturn in core inflation which would reassure us
Need to be particularly wary about letting an inflation persistence dynamic set inThe BOE still needs to hike rates again, so the headline remark definitely sides with that. The OIS market is pricing in ~76% odds of a 25 bps rate hike for later this month...
ECB’s Vujčić: We won’t know in Sept, October or even November where the terminal rate is
> Central Banks > ECB's Vujčić: We won't know in Sept, October or even November where the terminal rate is Central Banks Remarks by ECB policymaker, Boris Vujčić <!--> --> Justin Low Friday, 01/09/2023 | 10:09 GMT-0 01/09/2023 | 10:09 GMT-0 <!-->...
Gold bugs hope to turn latest bounce into something more
There's one thing that dollar bears and gold bugs have in common at the moment, and that is the call for lower bond yields - which in a sense is this scenario here. But where gold truly shines is when we start to get to the point of rate cuts and the narrative of...
A giant with feet of clay – but not too much.
A new day, a new intervention by Chinese policy makers. But we will get to the solutions in a moment. Let’s start with the problems. Part of this began in the mid-1990s when a metal industry worker from a small rural village, Hui Ka Yan, had an idea: to borrow...
AUDUSD Technical Analysis – Awaiting the NFP
US:The Fed hiked by 25 bps as expected and kept everything unchanged at the last meeting.Inflation expectations and CPI readings continue to show disinflation with the last two Core CPI M/M figures coming in at 0.16%. The US PMIs missed expectations across the board...
Major currencies subdued awaiting US jobs report
It's a quiet one in terms of market action in Europe, and understandably so. While equities are seeing some hopeful optimism, FX is rather dead with dollar pairs still sitting in narrow ranges on the day. Here's a snapshot of things currently:It's all about the US...
Market Update – September 1 – The Calm Before the Storm?
The markets were quiet on the last day of August, awaiting the key jobs report today. Treasuries and the US Dollar were firmer, but off their best levels, while Wall Street closed mixed. Ongoing expectations that the FOMC can pause, or is done with rate hikes...
USDCAD Technical Analysis – The price is at a key support
US:The Fed hiked by 25 bps as expected and kept everything unchanged.Fed Chair Powell reaffirmed their data dependency and kept all the options on the table.Inflation expectations and CPI readings continue to show disinflation with the last two Core CPI M/M figures...
UK August final manufacturing PMI 43.0 vs 42.5 prelim
Prior 45.3The headline reading is a 39-month low as UK manufacturing activity takes a big hit in August. Factory orders are seen tumbling in the face of higher rates with demand also being hit by weaker domestic and export conditions. S&P Global notes that:“August...
Reminder: It is a US holiday on Monday
It's the start of a new month and we also have the US jobs report to contend with. So, when you throw in perhaps some positioning flows -or lack thereof - before an extended weekend, that might make things tricky to decipher later in the day. Anyway, I would lean...
Italy Q2 final GDP -0.4% vs -0.3% q/q prelim
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...