7 Sep 2015
NFP was a major disappointment - Swissquote
FXStreet (Delhi) – Arnaud Masset, Market Analyst at Swissquote, suggests that the latest NFP was a major disappointment as it failed to give any direction regarding the Fed’s move.
Key Quotes
“The last job report from the US did not bring us more than a bumpy ride in the FX market last Friday. The non-farm payrolls printed well below expectations at 173k in August versus 217k (median forecast).”
“On the other hand, July’s figures were revised substantially higher, from 215k to 245k. On the bright side, the unemployment rate fell to its lowest level since April 2008 while underemployment rates dipped to 10.3% from 10.4% a month earlier.”
“Wage pressures remain subdued as the average hourly earnings grew 0.3%m/m versus 0.2% in July. Overall, the report was a major disappointment as it did not provide any clue regarding the Fed’s next move and especially since it represents the last key economic indicator the Fed will have before the September 16th-17th FOMC meeting.”
“Looking at the USD’s price action, no clear trend has emerged. EUR/USD is roughly trading at its pre-NFP level, around 1.1130, slightly below the 1.1155 level (Fib 61.8% on July-August rally). The dollar index moved sideways in the Asian session, around 96.30.”
Key Quotes
“The last job report from the US did not bring us more than a bumpy ride in the FX market last Friday. The non-farm payrolls printed well below expectations at 173k in August versus 217k (median forecast).”
“On the other hand, July’s figures were revised substantially higher, from 215k to 245k. On the bright side, the unemployment rate fell to its lowest level since April 2008 while underemployment rates dipped to 10.3% from 10.4% a month earlier.”
“Wage pressures remain subdued as the average hourly earnings grew 0.3%m/m versus 0.2% in July. Overall, the report was a major disappointment as it did not provide any clue regarding the Fed’s next move and especially since it represents the last key economic indicator the Fed will have before the September 16th-17th FOMC meeting.”
“Looking at the USD’s price action, no clear trend has emerged. EUR/USD is roughly trading at its pre-NFP level, around 1.1130, slightly below the 1.1155 level (Fib 61.8% on July-August rally). The dollar index moved sideways in the Asian session, around 96.30.”