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The US was expected to report a gain of 190,000 positions in October, better than the disappointing increase of 134,000 in September (before revisions). Average hourly earnings carried expectations for an increase of 0.2% MoM last month and 3.1% YoY, an acceleration in comparison to previous levels.
The US Dollar has been on the back foot at the wake of November. Optimism about a trade deal between China and the US was sparked by Trump’s tweet about a good conversation with Xi Jinping, his Chinese counterpart. He reportedly instructed his cabinet to prepare a trade deal with the world’s second-largest economy. Stocks rallied and the risk-on atmosphere sent the greenback lower.
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