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Free AccessMixed NFP allows trends to extend -Markets....>
FOREX: Mixed NFP allows trends to extend
-Markets were clearly positioned very negatively for Friday's Nonfarm payrolls
report (evident in the much lower than consensus whisper number headed into the
release), which proved partially correct in hindsight. The headline was lower
than forecast, but a decent set of revisions and a surprising drop in the
unemployment rate (down 0.2ppts to 3.5% to new 50 year lows) helped support
sentiment into the close.
-Nonetheless, recent ranges were largely respected, with USD/JPY trading wholly
inside Thursday's candle, thereby keeping the broader trends unchanged. AUD
outperformed slightly, helping support the recovery from the Tuesday multi-year
low. This returns focus to the 50-dma resistance at $0.6788 for direction.
-German, French, Italian and UK industrial production, US PPI and CPI, Fed
minutes and the Canadian jobs report for September are the data highlights in
the coming week. Speeches are also due from BoE's Carney, ECB's Lane and Fed's
Powell - to name a few. Politics is likely to remain front and centre, with the
China trade mission headed for negotiations with the US.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.