The much anticipated Non Farm Payrolls data came out a lot weaker than expected on Friday night at 148k against the expected 190k, however we did not see the resultant size of dollar selling against the majors as some traders would have thought on a miss that big. The Dxy still managing to stay above the support at 91.80, finishing the session back around 92.00. The big mover on the day was the Cad which appreciated substantially as employment numbers came out much better than expected taking the Unemployment rate down 0.3% to 5.7%, this saw UsdCad off 150 pips on the day with the Cad crosses having similar moves.
Elsewhere the Euro once again failed to break through the longer term resistance around 1.2100 and UsdJpy continued to trade to the topside in line with the buoyant equity markets. Commodities and the commodity currencies also remained bid throughout the session and look set to continue into the start of this week.
Looking ahead to today’s trading and Japan has another bank holiday today which should lead to relatively quiet trading conditions for the first session of the day. There is very little in the way of fundamental data releases across the day with the pick of the bunch being the BOC Business Outlook Survey in the New York session. Also keep an eye out for Fed speakers Bostic and Williams who could add some volatility later in the day.
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