North American Summary and Highlights 8 Aug

North American session

Canadian employment fell by a surprisingly steep 40.8k in July to correct a rise of 83.1k in June though the unemployment rate was unchanged at 6.9%. USD/CAD bounced to 1.3760 from 1.3730.  

Otherwise, movements were minimal with USD/JPY stable near 147.75. Marginal EUR/USD gains above 1.1650 may have been supported by growing hopes for a ceasefire in Ukraine but these were erased late in the day. The WSJ reported that Trump was considering former St Louis Fed President James Bullard and Marc Sumerlin, who served in the George W Bush administration, for Fed Chairman. These may have been seen by the market as unlikely to be wholly subservient to Trump, and thus USD supportive.   

European morning session 

The USD was mixed through the European morning. USD/JPY gained 25 pips to trade above 147.60, but GBP and CAD were both firmer, with GBP/USD gaining 20 pips to 1.3450 and USD/CAD 20 pips lower at 1.3730. EUR/USD and AUD/USD were not much changed.  

There was little news of significance, with the market awaiting the Canadian employment report later and GBP still reacting to the more hawkish than expected BoE decision on Thursday.