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USDCAD TECHS

Consolidation Mode But Remains Bearish

AUDUSD TECHS

Fails To Hold Onto Thursday’s High

US

'Big Tech' Bill Goes To Senate

COMMODITIES

Oil Up For Fifth Week On Supply Disruption, Geopolitics

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  • Wells Fargo note the discrepancy between a disappointing nonfarm payrolls figure (+210k) and the household survey which indicated a rapidly tightening labour market.
  • “The unemployment rate tumbled to 4.2% even as the labor force participation rate rose and finally broke out of its post-pandemic range”.
  • However, despite the household survey strength, average hourly earnings were on the light side at 0.3% M/M and 4.8% Y/Y. “In pre-COVID times, a 0.3% monthly print would be considered fairly strong, but these are still not normal times”.
  • The FOMC will clearly discuss faster taper on 15 Dec, but weak payrolls and a “lighter read on average hourly earnings growth gives the Committee an out to perhaps punt to its January meeting”.