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Pressure On EMFX Following Large NFP Beat in January

EMERGING MARKETS
  • The US economy unexpectedly created 517k jobs in January, substantially above the consensus estimate for a 188k increase. Broad USD strength following the release and resulting weakness for emerging market currencies, with particular pressure being particularly seen in MXN and ZAR, with the latter now down 1.3% on the session.
  • MNI: US JAN NONFARM PAYROLLS +517K; PRIVATE +443K, GOVT +74K
  • MNI: US PRIOR MONTHS PAYROLLS REVISED: DEC +260K; NOV +290K

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