Summary:
- NFP misses forecasts and USD falls back
- USDCAD falls as CAD release strong employment data
- Trade war talk continues to dominate indices
- Cryptos fall as banks announce bans
- Latest recommendations from banks
US dollar bulls may have been looking at this afternoon’s NFP report to provide them with some cheer heading into the weekend but unfortunately for them they have been left disappointed. Whilst a pick-up in wages was mildly supportive the larger than expected drop in the headline outweighed this and saw earlier gains for the greenback handed back.
Whilst the Lion’s share of the attention this afternoon has gone to the US NFP report, CAD traders in particular will have a keen interest on the Canadian equivalent. The data on the labour market from North of the border was undoubtedly strong with the the employment change for last month showing 32.3k jobs added – well above the 20.1k exp and the 15.4k previously.
Stock indices have recovered fairly well this week from the weakness seen at the start, but they have come back under some pressure today after further inflammatory remarks regarding US-Chinese trade. Reports that Trump has instructed the US trade representative to consider $100B in additional levies on China has fanned the flames and there could well be further developments over the weekend.
Cryptocurrencies have endured another bad week and today has seen all 5 markets decline. The latest torrent of media reports are not conducive to digital coins as there are more and more banks banning purchases of them with banks in Chile and India recently announcing restrictions.
Finally, the latest active recommendations from banks can be found here.