Falling Yields Obstruct USD Rally for now

by Ashraf Laidi

Aug 1, 2014 19:25

The three elements of disappointment in today's jobs report emerged from the 209K in July NFP (vs expected 230K & previous 298K), the 6.2% unemployment rate (first increase in five months) and soft average hourly earnings (2.0% y/y vs expected 2.2%) are sufficient in allaying fears of premature Fed hike. But here are 5 positives.

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Falling Yields Obstruct USD Rally for now - Yields Spx Aug 1 (Chart 1)

Act	Exp	Prev	GMT
Unemployment Rate (JUL)
6.2%	6.1%	6.1%	Aug 01 12:30
Average Hourly Earnings (m/m)
0.0%	0.2%	0.2%	Aug 01 12:30

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