U.S non-farm payroll (NFP) saw the first negative reading in seven years at -33k. Headline affected by distortion due to August hurricanes. The unemployment rate, fell two-tenths of a percentage point to +4.2%, a level not seen since early 2001. Workers’ wages jumped last month, another figure that may have been affected by the storms. Average hourly earnings rose 12 cents, or 0.45% from a month earlier. Wages were 2.9% higher from a year earlier.
Details:
USD remains better bid (€1.1678, £1.3037, ¥113.37) across the board, with treasury yields continuing to back up on inflation expectations.
In Canada, employment rose in September for a tenth straight month and workers’ wages increased at their fastest pace in over 17-months. The country’s jobless remain unchanged from the previous month, sitting at a post-crisis low.
On a year-over-year basis, Canadian employment increased 319,700, or 1.8%, with nearly all of the new jobs created over the past 12 months of the full-time variety, which tend to offer higher pay and steady benefits.
The loonie (C$1.2564) finding support from the full-time employment headline print.
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Dean Popplewell
He has a deep understanding of market fundamentals and the impact of global events on capital markets.
He is respected among professional traders for his skilled analysis and career history as global head
of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean
has played an instrumental role in driving awareness of the forex market as an emerging asset class
for retail investors, as well as providing expert counsel to a number of internal teams on how to best
serve clients and industry stakeholders.
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