USD: Second Wave Of Eco Recovery Accelerated In March; Further Strong Job Gains In The Months Ahead – CIBC

0

What can we expect as a result of the strong US jobs report?

Here is their view, courtesy of eFXdata:

CIBC Research discusses its reaction to [Friday’s] US jobs report for the month of March.

“The second wave of the economic recovery accelerated in March, with non-farm payrolls rising by 916K. That was well above the consensus forecast for a 660K gain, and came alongside upward revisions to prior months totaling 156K,” CIBC notes.

Looking forward, we would expect to see further strong job gains in the months ahead, particularly as people start to feel more confident spending their stimulus dollars on services such as travel and restaurants. However, that is of course dependent on vaccinations continuing at speed and those vaccinations being able to prevent serious illness from new variants,” CIBC adds.

For lots more FX trades from major banks, sign up to eFXplus

By signing up for eFXplus via the link above, you are directly supporting Forex Crunch.

Get the 5 most predictable currency pairs

About Author

Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer.