North American Summary and Highlights 6 Mar
Overview - The USD opened firmer on Middle East worries, but lost momentum after weak US employment data.
European and North American sessions
Ahead of the US employment data, the USD was firmer in Europe on Middle East concerns and gains in oil. The US non-farm payroll fell by 92k In February and unemployment increased to 4.4% from 4.3%, though average hourly earnings were firm with a rise of 0.4%. A 0.2% decline in January retail sales. Unchanged ex autos with ex autos and gasoline sales up by 0.3% was in line with expectations. The USD slipped on the data but the initial move was quickly reversed, before USD slippage subsequently resumed. Oil continued to rise, moving above $90, with Trump demanding unconditional surrender from Iran. There was plenty of Fed talk, with Waller and Miran dovish, Daly balanced and Goolsbee Collins and Hammack hawkish.
EUR/USD ended little changed near 1.16 after slipping to 1.1550. EUR/GBP slipped to .8665 from .8690 as GBP/USD saw highs above 1.34. EUR/CHF fell to .9015 from .9060 on safe haven demand. USD/JPY had little direction in a range centered on 157.75 while AUD/USD was unable to fully erase European losses, though did find support below .70. Gains in oil helped USD/CAD fall to 1.3580 from 1.3660 as AUD/CAD fell to .9540 from above .96.