SEPT TAPERING EXPECTATIONS ‐ DRIVEN BY NONFARM
– USD is mixed, weak against the growth FX & flat against others.
– USD—an above 160k nonfarm print likely to see Fed tapering in Sept and drive USD strength. Consensus calling for 180k.
– CAD rallies on flows leading into dual employ. Cdn empl cons is 20k.
– EUR is flat after Thurs’s collapse on the dovish ECB. Nonfarm is key.
– GBP is flat after weak data as market awaits nonfarm.
– JPY is weak, with USDJPY failing to sustain itself above 100.
– AUD rallies leading into weekend election and w-e Chinese data.
– Today: nonfarm, Cdn empl & the Fed’s George (voting hawk).
Read the full report: FX Daily
Scotiabank