Reviewing the latest labout market data from the United Stateas (US), “Nonfarm payrolls fell modestly below expectations, coming in at 136k for September,” noted TD Securities analysts.
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“However, the trend in job growth remains steady at 150k “” still more than enough to absorb new entrants to the labor force. That said, we expect the Fed to deliver another 25bp cut at its October meeting, as global growth fears remain present and survey data is deteriorating.”
“Payrolls did not offer the final blow that some were worried about following weak ISMs. As a result, risk may find some relief from today’s number. USDJPY should find appreciable resistance into 107.00/50, a move we would fade into as we remain focused on 105 in the coming weeks. Meanwhile, we expect the CAD to benefit from a tactical point of view however.”
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