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Jobs Data Puts Fed on Course to Taper

FOREX
  • Beyond the near-term volatility of the September jobs data, markets swiftly resumed their pre-data trends, with the release seen as working in favour of the Fed's plan to taper asset purchases before year-end. Despite the headline change in nonfarm payrolls coming in below expectations, sizeable positive revisions to the two prior months made for a decent report, particularly as the US Unemployment Rate fell below expectations.
  • Similarly, Canada's jobs data came in ahead of forecast, with 157k jobs added against expectations of +60k. The release saw CAD outperform the rest of G10, pressuring USD/CAD through both the 200- and 100-dmas to print the lowest level since early August.
  • JPY, AUD were among the poorest performers, with CAD, SEK and NOK the strongest.
  • The coming week will likely start off on a quiet note, with US Colombus Day keeping markets muted. Focus then turns to UK jobs data, the German ZEW survey, US CPI/PPI and inflation & trade numbers from China. The South Korean central bank rate decision is due as well as FOMC minutes and the beginning of Q3 US corporate earnings season.
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