Good morning everyone! #IronFX wishes you a great #weekend! Here are the main points for today by Marshall Gittler: • US #payrolls far exceed expectations, but impact is muted – Payrolls up 288k vs expected 215k; unemployment rate falls to 6.1% from 6.3% vs expected no change – #USD rally is surprisingly muted; reasons may be • Wage growth slowed a bit and remains below #CPI. Sluggish wages growth indicates no tightness in the labor market • ECB rules for using targeted long-term refinancing operations mean banks will be able to use the funds for carry trades with sovereign bonds; #Eurozone bond market rallied • I expect USD to remain supported – Market’s view on Fed Funds still way below FOMC’s; should rise – #FOMC likely to increase its rate expectations too as #unemployment approaches NAIRU • #CAD gains as trade deficit narrows – CAD may be a beneficiary of strong US growth, particularly autos • Today: – Eurozone: German factory orders for May expected to have fallen on a mom basis – US: Independence day holiday Join us for more #forex news: ironfx/en/research-and-analysis/market-analysis/daily-commentary
Posted on: Fri, 04 Jul 2014 05:48:35 +0000
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