Ready for another edition
Belly up to the table for another serving of non-farm payrolls for breakfast, with a side of Canadian bacon.
Final indications for the jobs report were mixed. The strong ADP report suggests upside risks to the +160K consensus but the ISM employment report is a hint of weakness; if not now then next month. Also note that August tends to be a surprisingly weak month for this report.
For USD/CAD traders, it's double duty with the Canadian employment report due at the same time. The consensus is +20.0K after a -24.2K reading last month. For Canada, the full-time/part-time breakdown is always key and wages are important on both sides of the border.
Overall, I don't see these reports as particularly critical but a strong US report will undoubtedly spark some jitters about the path of Fed rates.