How have interest rate expectations changed after this week’s events? !“#$%&‘()*+,–./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ^_`abcdefghijklmnopqrstuvwxyz{|}

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The US Dollar Index (DXY) fell below the 100.00 region after sinking through Friday’s session. July Nonfarm Payrolls (NFP) showed the US economy shedding 23K jobs against forecasts of an 80K gain, with June revised down to 20K, and Average Hourly Earnings slowing to 3.2% on the year. Markets that had spent late July pricing a hawkish Federal Reserve…

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Prior month +18.2K Unemployment rate 6.4% vs 6.5% expected Prior 6.5% Full-time employment +38.6K vs +0.6K prior Part-time employment +36.6K vs +17.5K prior Participation rate 65.1% vs 65.0% prior Average hourly wages y/y 2.8% vs 3.3% prior Canada’s labour market strengthened further in July, with employment rising by 75.1K and the unemployment rate edging down to 6.4%, the lowest…

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China’s July CPI cools to six-month low as producer prices also ease !“#$%&‘()*+,–./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ^_`abcdefghijklmnopqrstuvwxyz{|}

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Prior was +57K (revised to +20K) Two-month net revision -103K May was +129K Unemployment rate 4.1% vs 4.2% expected Prior unemployment rate 4.2% Unrounded unemployment 4.0900% vs 4.1889% prior Participation rate 61.4% vs 61.5% prior U6 underemployment rate 7.9% vs 7.9% prior Average hourly earnings +0.1% m/m vs +0.3% expected Average hourly earnings +3.2% y/y vs +3.5% expected Average…

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The US non-farm payrolls report pointed to an economy significantly worse than believed. The data showed the economy shedding 23K jobs in July, far worse than +80K expected and below any estimates in the survey of economists. Worse yet, the prior two reports were revised lower by a combined 103K jobs dropping the three-month average to just 20K jobs….

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