ForexLive North American wrap: payrolls pain

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  • April non-farm payrolls 115K vs 160K exp
  • Revisions add 53K over past two months
  • Unemployment rate falls to 8.1% as participation rate drops
  • Canada Ivey PMI 52.7 vs 61.0 exp
  • Rumor Spanish banks asking for another LTRO
  • Final poll: Sarko 48%, Hollande 52%
  • Fed’s Williams expects 2.5% growth in 2012
  • Venizelos: elections to decide if Greece stays in euro
  • Citi expects BOE to do ₤25-50 billion in QE next week
  • S&P downgrades Spanish regions
  • WTI crude falls $4 to $98.53 — a 10-week low
  • S&P 500 down 1.6% to 1369, down 2.4% on week

The market didn’t know what to do with the non-farm payrolls report at first but the eventual takeaway was decidedly negative. EUR/USD climbed to 1.3179 but offers at 1.3180 kicked in and beat the euro down to 1.3080.

USD/JPY whipsawed ahead of the NFP data, raising the ire of those suspecting the number was leaked moments early. The pair bounced to 80.39 but steadily declined to 79.83 afterwards.

Cable was choppy before healing lower as flows in EUR/GBP and stop-hunting sent the pair above 1.62 before a retreat to 1.6142.

USD/CAD legged higher on the employment report to 0.9920 and then to 0.9960 after the Ivey PMI and as stock sank.

Author: Adam Button

Adam Button is the managing editor of ForexLive™. He was previously the chief currency strategist at XForex and has also worked with Intermarket Strategy. Adam believes there's an edge in knowing every tidbit of news. He was formerly the head of the markets team at the Canadian Economic Press and is a graduate of Ryerson University. Adam lives in Montreal, follow him on Twitter: @FX_Button.


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Adam Button

One Comment

  1. Another great week of coverage – Grazie molto to the fine pros at ForexLive…!


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