This is another striking headline jobs reading out
of the United States that highlights to everyone once again the US divergence
story, where the economic progress within the United States when compared to
its developed counterparts is massive.
The employment report has narrowed some of the
losses that the Dollar was carrying earlier during Friday trade, but the USD is
still broadly lower against most of its counterparts
following the promising reports of a potential breakthrough in United
States-China trade talks.
Out of the 31 expanded majors on the Bloomberg
Terminal at time of writing, only the Canadian Dollar, British Pound, Japanese
Yen and Russian Ruble are lower against the Dollar today. The 0.15% weakness in
the British Pound is probably related to the sudden surge in the Pound
yesterday on Brexit hopes suffering from over-exhaustion, while the Yen is
lower due to improved risk appetite in global stocks.
As we look ahead to the next trading week,
investors must prepare for a potentially very busy one in the FX markets. Global
markets will remain very sensitive to any new headlines over eased potential
trade tensions, while investors also need to prepare and monitor possible risks
with the US mid-term elections next week.
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