The USD rallied, then fell following the jobs report, which saw NFP rise 850k versus consensus 700k. The average workweek slipped slightly, while hourly earnings were in-line, and the unemployment rate rose a tenth versus expectations for a decline. The trade deficit widened, but was in-line with expectations. USDJPY initially moved over 111.60 from 111.45, then pulled back to 111.30, while EURUSD fell to 1.1808 from 1.1825, then rallied over 1.1855. Equity futures continue to indicate a higher Wall Street open, while yields are a bit firmer.
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Stuart Cowell
Head Market Analyst
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