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4 Aug 2014
UK labour market remains firm - Societe Generale
FXStreet (Barcelona) - Kit Juckes, Global Head of Currency Strategy at Societe Generale, assessed last Friday's US Payrolls.
Key Quotes
"Friday's US employment data contained something for everyone, really, even if the consensual interpretation is that they are 'soft'. The headline employment increase was a little softer than expected, wage growth remains absent and the unemployment rate picked up, all of which will keep FOMC doves in the ascendancy."
"But the y/y increase in employment, at 1.88%, is the strongest since May 2006 and reflects a clear uptick in the pace of job creation -the 6-month average gain is now 229k, its highest level since April 2006. All of this is a risk-friendly recipe which contrasts with the nervous, summer market conditions of recent days."
"The question this week is whether the yield-hungry will dominate, or the prevailing short-term trend, which is to sell higher-yielding and emerging currencies on any bounce versus Euro and dollar, will re-assert itself."
Key Quotes
"Friday's US employment data contained something for everyone, really, even if the consensual interpretation is that they are 'soft'. The headline employment increase was a little softer than expected, wage growth remains absent and the unemployment rate picked up, all of which will keep FOMC doves in the ascendancy."
"But the y/y increase in employment, at 1.88%, is the strongest since May 2006 and reflects a clear uptick in the pace of job creation -the 6-month average gain is now 229k, its highest level since April 2006. All of this is a risk-friendly recipe which contrasts with the nervous, summer market conditions of recent days."
"The question this week is whether the yield-hungry will dominate, or the prevailing short-term trend, which is to sell higher-yielding and emerging currencies on any bounce versus Euro and dollar, will re-assert itself."