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Video / 06 January 2017 at 14:47 GMT

Dollar makes stand after strong jobs report - #SaxoStrats

John J Hardy
What does the latest US employment data mean for USD, asks Saxo Bank’s head of FX strategy John Hardy.

Nonfarm payrolls added 156K in December against an expected 178K and unemployment went higher to 4.7%. Average hourly earnings moved to a 2.9% year-on-year gain.

Hardy considers how USD will move in early 2017 following a lacklustre performance at the end of 2016.
ldan ldan
Hi John Hardy, I don't understand. I thought as Nonfarm was much lower than expected, USD should go down. But it actually went up instead. Why is it so?
V.Ka V.Ka
Lets get ready to face the biggest dollar rally in history ;)
Jansen Jansen
Lets get ready to face that we have already seen the low in EURUSD for now. That is my forecast.
We will se 1.10 befpre Easter, I do believe.
John J Hardy John J Hardy
The payrolls change was in line with expectations if we included the last couple of months of revisions (+19k). The more important development was the rise in average hourly earnings - which was the highest for the cycle at +2.9%. It doesn't matter if the nonfarm payrolls continues to come in under +200k or even down at +150k for a time, if wage pressures increase further, as this suggests labor market tightness.


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