U.S. Nonfarm Payrolls tumbled 131,000 in July after tumbling a revised 221,000 the month prior amid economists' forecasts for a drop of 65,000.
The dismal of census workers contributed to a 202K drop in government payrolls. Going forward, we may continue to see the U.S. dollar lose steam following the dismal report.
Private payroll rose 71k only, lower than expectation of 80k. Unemployment rate though was unchanged at 9.5%.
The poor job data sent US stocks futures sharply lower and raised the
possibility of more quantitative easing from Fed next week.
The Yen jumps sharply in early US session following much worse than expected Non-Farm Payroll report.
USD/JPY dives through 85.31 low to resume recent down trend while the Japanese yen also strengthen broadly too.
The U.S. dollar is noticeably weak against Euro but price actions against Sterling and Aussie are muted so far.
Canadian dollar is even weaker than US dollar after release of worse than expected job report from Canada. The employment market unexpectedly contracted by -9.3k in July versus expectation of 10.3k rise. Unemployment rate also climbed from 7.9% to 8.0%.
Regards,
Efraim
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