Falling Yields Obstruct USD Rally for now
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.
|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|