U.S. Jobs data surprises adding 2.5m jobs in May

Equity markets march higher to end the week driven by new European stimulus, news of an OPEC+ agreement and a beat in Jobs data in both the US and Canada. The United States and rest of the world continue protests against police brutality and in support of the Black Lives Matter movement.
“Revolution is not a one-time event.” 
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  • FX Rates
    June 5, 2020

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    The US pared 0.4% losses to daily highs after posting stronger than expected employment numbers. The report shows the addition of 2.5m jobs in May versus a 7.5m drop expected and unemployment dropped to 13.3% versus an estimate of 19%.

    The pound shrugged off lack of progress in Brexit negotiations and marched higher in early trading. The pair took a hit after US Jobs data surprised to the upside. Analysts expect more nervousness to permeate in the UK currency as we approach the June 30 deadline. The pound has had 7 straight days of gains – the longest rally since April 2018.
    The euro was marginally lower on profit taking as the pair approached a trend line ahead of US Jobs data. The surprise beat in Jobs data sent the pair lower.
    The Canadian Jobs report also showed an unexpected jump and the Canadian currency advanced versus the greenback to three-month highs. Delegates from OPEC+ will meet over the weekend to reach an agreement to extend oil production cuts until the end of July.

    The Japanese yen is down 0.3% versus the greenback after non-farms payroll numbers surprised. The Australian dollar rally continued, but also pared gains due to dollar rebound.

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Kathryn Garvey
Kathryn Garvey

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