- Non-farm payrolls +171K vs +125K exp
- Unemployment rate 7.9%, as expected
- Canadian employment +1.8K vs +5.0K exp
- US Sept factory orders +4.8% vs +4.6% exp
- Williams: Fed “may expand” its asset purchases to “include other assets.”
- SNB’s Jordan says 1.20 cap right ‘for the time being’
- Acquitted Greek journalist fires back
- Japanese politicians begin discussions to raise debt ceiling
- Gold drops $40 to $1677
- S&P 500 -0.9% to 1415, down 0.2% on week
- CAD leads, EUR lags
The US dollar was on a mission Friday. It rallied on the solid payrolls number and then rallied even harder when the rest of the market was disappointed despite the solid payrolls number.
The euro will close very close to the 200-day moving average at 1.2828 but fell nearly a full cent since the beginning of European trading. It was a steady bleed lower.
Cable blasted below 1.6080 on the jobs report and continued lower until bids ahead of 1.6000 finally stopped the descent.
The Canadian dollar was the only currency that stood up to the US dollar, finishing with a small change at 0.9956 but CAD picked up large gains on the crosses.
AUD/USD crumbled below 1.0360 but held above 1.0330.
It was the worst day for gold in a long time, perhaps the worst day of the year as the break of $1700 triggered relentless stops down to $1675.
