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FOREX: NFP not enough to sustain highs
- The jobs report saw broad-based weakness, with the headline around 15k shy of
consensus. Average hourly earnings disappointed, missing by 0.2 ppts. While US
equities managed to hit fresh alltime highs, (the Dow Jones Industrial Average
tilted north of 29,000) the data added some weight from the open, prompting US
equities to head for a negative close for only the second time this year. This
added some weight to the greenback, but the Thursday low held firm.
- Elsewhere, the AUD was comfortably the best performer Friday despite the turn
lower in risk sentiment. The price action was indicative of short-covering, with
those who'd set shorts on the bushfire news earlier in the week likely closing
positions and helping support the pair north of $0.69. AUD/USD now looks to
close above the 200-dma for the first time since mid-December.
- Inflation and retail sales data from both the US & UK as well as China trade
balance & GDP numbers are the data highlights of the coming week. Speeches from
various Fed and BoE members are due as well as the ECB President Lagarde on
Thursday. US earnings season also begins in earnest.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com