Forex Daily Analysis - Monday, Sep 10th

Worst Nonfarm Figure Since 2003

A big surprise in the US job report sent the USD offered across the board. EURUSD rejected just below 1.38 and USDJPY broke 113 this morning. Equities lower. Fixed income higher as yields drop.


Overnight News Bullets

* SW Riksbank raises rates 25bp to 3.75% as expected.
* SW Budget Balance (Aug) out at 9.6B vs. 12.4B prior.
* IT Trade Balance Non-EU (Jul) out at -584M vs. -750M expected.
* NO Industrial Production MoM/YoY (Jul) out at 7.8%/2.9% vs. 1.1%/1.0% expected. Prior at -4.0%/-8.6% expected.
* NO Industrial Production Manufacturing MoM/YoY (Jul) out at 0.7%/5.0% vs. 0.7%/5.1% expected.
* GE Industrial Production MoM/YoY (Jul) out at 0.1%/4.6% vs. 4,9%/0.9% expected. Prior at -0.2%/5.2% (revised from -0.4%/5.1%)
* E-Z OECD Leading Indicators (Jul) out at 107.9 vs. 108.1 prior (revised from 108.0)
* CA Unemployment Rate (Aug) out at 6.0% as expected. Net Change in Unemployment out at 23.3K vs. 18.0K expected.
* US Change in Nonfarm Payrolls out at -4K vs. 100K expected. Prior at 68K (revised from 92K)
* US Unemployment Rate (Aug) out at 4.6% as expected.
* US Change in Manufacturing Payrolls (Aug) out at -46K vs. -10K expected. Prior at -1K (revised from -2K)
* Average Hourly Earnings MoM/YoY (Aug) out at 0.3%/3.9% as expected.
* US Wholesale Inventories (Jul) out at 0.2% vs. 0.4% expected. Prior at 0.3% (revised from 0.5%)
* NZ PPI QoQ (2Q). Inputs out at 1.3% vs. -1.5 prior. Outputs at 1.2% vs. -0.2% prior.
* JN GDP Annualized (2Q F) out at -1.2% vs. -0.7% expected. Nominal GDP at -0.2% vs. 0.0% expected.
* JN GDP Deflator YoY (2Q F) out at -0.3% as expected.
* JN Money Supply M2+CD YoY (Aug) out at 1.8% vs. 2.1% expected.
* JN Borad Liquidity YoY (Aug) out at 1.8% vs. 2.1% expected.
* JN Bank Lending incl Trusts YoY (Aug) out at 0.5% vs. 0.3% expected.
* AU Home Loans (Jul) out at -4.1% vs. -2.0% expected.
* JN Eco Watchers Survey (Aug): Current at 44.1 vs. 44.7 prior, Outlook at 46.4 vs. 46.7 prior.

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