Forexlive Americas FX news wrap: Canadian jobs report misses badly


Markets:

  • S&P 500 up 61 points, or 1.5%, to 4067
  • US 10-year yields up 2.5 bps to 3.31%
  • WTI crude oil up $2.78 to $86.32
  • Gold up $8 to $1715
  • AUD leads, USD lags

The economic highlight was the Canadian jobs report and for the second month, it stumbled. That may begin to give the Bank of Canada pause on its aggressive hiking path but it didn’t hurt the loonie too badly as oil gained and the US dollar stumbled broadly. USD/CAD rose to 1.3050 from 1.3000 on the report but finished halfway in between.

The peak of today’s USD weakness came late in Asia but there was a modest turn from there as USD/JPY rebounded from a low of 141.51 to 142.69. There are many people talking about a dollar top and with Europe trying to solve the energy crisis, there’s some scope there. But USD/JPY remains the main event this year and aside from some jawboning, the BOJ hasn’t budged.

In FX, US trading was choppy and generally sideways but that wasn’t the case in equities as the Nasdaq led a rally. That led to the first gain in five weeks and it was a hefty one at 4.1%.

Eyes are on next week’s CPI and the possibilty of a negative headline. The Fed has essentially pushed it aside as a decided for the Sept 21 FOMC but a low reading could tee up a less-hawkish statement. What market participants are wondering about are the balance between headline and core in CPI. There’s ample reason to expect a headline rollover in the near term but that’s not so clear with core, which is forecast to rise 0.3% next week. How much is that going to have to slow to halt the Fed’s advance?

The bond market continues to signal a higher Fed top and Waller endorsed that today by talking about 4% as his baseline. Fed funds have edged toward there for the March meeting (implied 4.01%) while the 2-year yield hit a new cycle high a 3.56% on Friday.

Have a great weekend.



Source link

Related articles

Tradeweb Authorities Bond Replace – September 2025

This text was written byComply withTradeweb Markets Inc. (Nasdaq: TW) is a number one, international operator of digital marketplaces for charges, credit score, equities and cash markets. Based in 1996, Tradeweb offers entry...

[Trading System] Person Information : Miracle IQ7 – Buying and selling Programs – 4 October 2025

📘 ThinkBot IQ7 — Person Information for Guide Buying and selling with Visible Panel & Good Alerts Welcome, skilled merchants!ThinkBot IQ7 is a...

Motorola Razr Extremely at a record-low worth, with free 1TB improve!

Ryan Haines / Android AuthorityThis is able to be my best choice if I have been trying to get a flip cellphone. The Motorola Razr Extremely pushes the boundaries of what we thought...

Highest Lowest MT4 Indicator – ForexMT4Indicators.com

The Highest Lowest MT4 Indicator is designed to mechanically...
spot_img

Latest articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

WP2Social Auto Publish Powered By : XYZScripts.com