The market calms down ahead of the Fed’s statement this evening.
US NFP came weak, but earnings saved the day
US Nonfarm Payrolls (NFP) contracted by 33K in September. The consensus forecast was an increase of 83K. Such weak reading can be explained by the negative impact of devastating hurricanes.
At the same time, the unemployment rate declined from 4.4% to 4.2% and growth pace of average hourly earnings increased from 0.2% to 0.3%.
USD index strengthened from 93.80 to 94.00 on the release.
Follow Canadian core retail sales on September 18 at 15:30 MT time!
The US dollar gained after the Fed’s report, while riskier assets dropped. Let’s have a closer look.
Keep an eye on the UK monetary policy statement on September 17 at 14:00 MT time!