Market Snapshot – NFP Misses Expectations, Wage Growth Exceeds Expectations

NFP Misses, Wages Hit

The focus of all attention all through the week has been on this day when the NFP and wages data were due for release. The data did get released and it turned out to be a mixed one. The NFP missed expectations by a big way by coming in negative while the wages grew much higher than what was expected. The wage growth was along the expected lines as the hurricanes had led to a lot of extra work and the uptick in the factory orders yesterday had more or less confirmed the better than expected wage growth. The dip in the employment would have been a cause for concern but it was matched by a hike in the previous readings and a dip in unemployment rate. Overall, it was choppy data at best and that was reflected in the price action in the markets which were also choppy as far as the dollar was concerned.

Euro and Dollar Choppy

The euro and the European stock markets continue to hang in the balance as a strike was declared in Catalonia to press for Independence and as the chatter around that gets louder, it is bound to affect the euro. There has also been some chatter about a North Korean missile launch over the weekend and a combination of these reports has led to some choppy trading following the NFP data. This is set to continue into the weekend.