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FOREX: Historic jobs report proves positive for risk
- April's Nonfarm Payrolls report was ground-breaking in several ways - the
change in payrolls headline showed the US lost over 20mln jobs over the month,
with total employment and labor force participation cratering as the lockdown
effect rippled through the US. Countering this, average hourly earnings surged
sharply as the job losses were disproportionately suffered by the lower-paid.
Markets took a generally risk-on tone post-release, pressuring JPY to the bottom
of the G10 pile. USD also traded poorly, favouring AUD and NZD.
- Mimicking the price action seen on Thursday, short-end US yields folded lower
to hit new alltime lows of 0.1032%, sapping the greenback and helping the likes
of EUR/USD and GBP/USD close broadly flat on the week. UK and French public
holidays did little to prop up volumes and liquidity, prompting some outsized
moves in currency markets.
- In the coming week, RBNZ and Banxico rate decisions are due as well as
numerous speakers from BoE, ECB and Fed. Further easing of COVID-19 lockdown
restrictions are expected across Europe, the US and UK.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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