 Dollar saw broad-based weakness in early US session following a much weaker-than-expected non-farm payroll report. Headline job growth came in well below forecasts, though market reaction remains tempered, as the data is widely believed to be heavily skewed by recent hurricanes and strikes. With unemployment rate holding steady and wage growth surpassing expectations, the underlying labor market still appears resilient. While this report slightly adjusted market expectations, there remains a near 95% probability of a 25 bps rate cut by Fed next week. In terms of weekly currency performance so far, Euro remains firmly in the lead. Yen has climbed to second place, benefiting from a post-NFP decline in US Treasury yields. Swiss franc ranks third, though its performance was dampened by weaker-than-expected inflation data, solidifying the chance of another SNB rate cut in December. Aussie remains at the bottom of the chart, followed closely by the Loonie. Sterling, despite a sharp drop on the UK budget news, managed to regain some ground and now ranks as the third weakest. Dollar and Kiwi are positioned mid-range..... |
