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FOREX: Steady
- After Thursday's sharp pullback in US Treasury yields (particularly in the
short-end), markets are a little more steady early Friday, with bank holidays in
the UK and France dampening liquidity and volumes so far. JPY is marginally the
weakest so far, with NZD, AUD at the top of the table. The greenback, reacting
to firmer equity futures, is on the backfoot again, with markets currently
mulling how responsive markets will be to today's data.
- Nonfarm payrolls remains the key release of the day. MNI see the April jobless
rate possibly hitting levels not seen since the 1930s, with the change in
payrolls headline likely showing millions of jobs lost. Recruiters and industry
leaders told MNI that coronavirus shutdowns may force businesses to close for
good, even as new government benefits may cause a drop in the labor force
participation rate. Median forecast is for the US to have lost 22mln jobs across
the month, with the unemployment rate seen lurching higher to 16%.
- Canadian jobs number are also due as well as a speech from ECB President
Lagarde at 1200BST/0700ET.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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