Forex news for US trading on June 3, 2016
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The expectations was for NFP to rise by 160K. The actual number came in at 38K. The prior two months were revised down by the-58K. It was one month but was it? The 3 month average is 116K. The unemployment rate fell to 4.7% on the back of the labor participation rate tumbling to 62.6% as workers exit the labor force. It will be a tough one to explain away and the market started to take easing off the table in June. Lael Brainard was the first Fed official to speak – after the fact. She said that there are benefits to holding off on hiking, has concerns about Brexit, Yada. Yada. Yada. Look for the Fed to back pedal and send the ball going the other way. Fed’s Mester speaks in Stockholm tomorrow and Yellen speaks on Monday. Can you hear her sounding the "prudent to wait" bells on the back of "risks are greater to the downside vs. runaway inflation" . PS ISM Non-manufacturing (there is no manufacturing is there?) was much weaker than expectations with New orders down sharply and the employment component moving below the 50 level.
Forexlive Americas FX news wrap: US employment shocker sends the dollar tumbling lower
