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NFP Miss Extends Greenback Losing Streak

FOREX
  • The lower than forecast print for non-farm payrolls of 235k prompted a quick move lower in the greenback. Despite the initial moves reversing quite quickly, the dollar index remained under pressure throughout the US session settling around 0.25% lower for Friday.
  • The move lower in the DXY extends its losing streak to 6 days and notably the index has fallen on 10 of the past 11 trading sessions.
  • Antipodean FX tops the G10 pile on Friday with both AUD and NZD firming 0.8%. Despite the majority of the gains coming before the US data, the weaker numbers kept both currency pairs on the front foot to close the week.
  • EURUSD spiked to noted resistance at 1.1909, matching with the July 30th highs. The single currency traded back down to around 1.1875 ahead of option expiries and the WMR fix, however, broad dollar pressure leaves the pair hovering just under the 1.19 mark ahead of the close.
  • USDJPY fell firmly back below 110, with the move lower in equity indices adding some buoyancy to the Japanese Yen.
  • CNY, CNH strength this week has put the redback at its strongest levels against the USD since mid-June, infitting with the weaker dollar theme since the Monday open.
  • US and Canadian Labor Day holiday on Monday. Markets will focus on key central bank meetings next week, including the RBA, BOC and Thursday's ECB decision. The week will be capped off by Canadian employment figures and US PPI data.
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