The US gained only 156K non-farm jobs in August, weaker than expected. Moreover, wages advanced by only 2.5% y/y, not going anywhere fast. The team at CIBC looks forward to the next events. CIBC Strategy Research comments on today’s US August jobs report: “One of these days, all that US job creation is going to spill … “USD: No Hint Of Inflation In Aug Payrolls; Dec Rate”
Author: admin_mm
US Dollar Ends Week Mixed in Face of Adverse Fundamentals
The US dollar ended the week mixed, but that was not a bad result considering that fundamentals were stacked up against the currency. The increasing tensions between North Korea and the United States were weighing on the US currency during the first half of the week, though the impact weakened later. The damage done by Hurricane Harvey was another substantial, and perhaps longer-term, factor that was hurting the dollar. And another blow came … “US Dollar Ends Week Mixed in Face of Adverse Fundamentals”
CAD Logs Massive Gains, Touches Highest Since 2015 vs. USD
The Canadian dollar surged against its US counterpart today, touching the highest level since June 2015. The currency also posted massive gains versus other majors, seemingly without any apparent reason. The gains versus the greenback could be easily explained by the lackluster US employment data. The rally versus other rivals is harder to understand, especially as prices for crude oil, Canada’s major export, dropped. The possible reason … “CAD Logs Massive Gains, Touches Highest Since 2015 vs. USD”
US Shrugs Off Impact of Disappointing Nonfarm Payrolls
The US dollar dipped after the released of worse-than-expected nonfarm payrolls but reversed its losses quickly, bouncing against the euro. The greenback also gained on some other most-traded rivals, though not all of them. The employment report demonstrated slower-than-expected growth in August, which were surprising considering that the private data released earlier this week surprised to the upside. Moreover, the previous month’s increase was revised lower. Some analysts … “US Shrugs Off Impact of Disappointing Nonfarm Payrolls”
EUR/USD Rallies Higher Briefly on Disappointing NFP Report, Tumbles Later
The EUR/USD currency pair today rallied higher briefly after the release of disappointing US non-farm payroll data during the American session, but quickly retraced all its gains. The currency pair’s rapid tumble was triggered by a Bloomberg report indicating that the European Central Bank was advocating for prudent policies in the face of the strong euro. The currency pair rallied to new daily tops, but quickly retraced all its gains … “EUR/USD Rallies Higher Briefly on Disappointing NFP Report, Tumbles Later”
Pound Finds Relief in Strong Performance of Manufacturing Sector
The Great Britain pound reversed earlier losses today thanks to the favorable manufacturing report that showed very strong performance of the sector. The currency was still under pressure from Brexit fears. The seasonally adjusted IHS Markit/CIPS Manufacturing Purchasing Managersâ Index climbed from 55.3 in July to 56.9 in August. That was the second highest level in almost three years. Yet the sterling remained under pressure as this week’s negotiations … “Pound Finds Relief in Strong Performance of Manufacturing Sector”
Private Data Confirms Growth of China’s Manufacturing, Yuan Gains
Today’s private report confirmed yesterday’s official data that showed an improvement of China’s manufacturing sector. That allowed the Chinese yuan to appreciate even as China’s central bank set the daily fixing weaker. The Caixin China General Manufacturing PMI rose from 51.1 in July to 51.6 in August. The report said: Chinaâs manufacturing sector remained in expansion territory in August, fuelled by the strongest increase in new business for just over three years. … “Private Data Confirms Growth of China’s Manufacturing, Yuan Gains”
US Dollar Attempts to Rally, Fails to Keep Momentum
The US dollar attempted to rally during the Thursday’s trading session but failed to keep its gains and is trading below the opening level right now. It managed to fall even against the vulnerable euro. US economic data was mixed today. While most indicators were stable, the housing report was disappointing, showing a surprise drop of pending home sales. During an interview today, Treasury Secretary Steven Mnuchin … “US Dollar Attempts to Rally, Fails to Keep Momentum”
USD/CAD Declines Drastically on US and Canada Data
The USD/CAD currency pair today suffered a major decline after the release of both US and Canadian macro data during the North American session. Some of the macro data released by both countries include Canada’s GDP data released by Statistics Canada and the US initial jobless claims report. The currency pair came under intense selling pressure during the early North American session and lost over 120 points at the height of its decline. … “USD/CAD Declines Drastically on US and Canada Data”
CAD: Where To Target USD/CAD N-Term As It’s Starting To
USD/CAD made another attempt at the lows but recovered quite swiftly. What’s next? Here is the view from TD: Here is their view, courtesy of eFXnews: D FX Strategy Research argues that the broad trend in the USD will set the tone in USD/CAD as the pair is undergoing a good recovery this week. “Based on a … “CAD: Where To Target USD/CAD N-Term As It’s Starting To”