NONFARM RAISES RISK; BUT MOST STILL SEE SEPT TAPER
– USD is mixed as growth currencies get lift from China’s rising exports.
– USD positive—consensus & myself still look for a September tapering.
– CAD is up as China’s data & Fri’s Cdn unemployment are encouraging.
– EUR is up on limited news flow but technicals still warn of downside.
– GBP is up even after the BoE’s Fisher warns that int rates are on hold.
– JPY is weak on abating risk & Q2 GDP’s smaller than expected revision.
– AUD up on China’s data & passing of election risk; Abbott’s LNP victory.
– CNY is stable as exports surprise higher—reassuring markets.
– Today: non-voting dove, Williams, speaks; data releases are limited.
Read the full report: FX Daily
Scotiabank