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Market Update

EncoreFX’s daily market updates are written by our experienced and professional dealing team.

Non-Farm Payroll Data Misses | Oil Lower as Nate Lingers

Published October 6, 2017
  • Canada’s unemployment rate fell in September as the economy created less jobs than forecasted, according to official data released this morning. Unemployment in Canada fell to 6.2% in September when analysts expected it to increase to 6.3%. 10,000 jobs were created last month, compared to 22,000 in August
  • The monthly employment report out of the US released this morning showed that the economy unexpectedly destroyed jobs in September; the unemployment rate ticked lower and wage inflation rose more than expected. Non-farm payrolls declined by 33,000 in September, compared to the rise of 169,000 in August. This was a big miss considering the consensus estimate was for the creation of more than 80,000 jobs
  • Average hourly earnings in the US rose month-on-month by 0.5% in September, beating forecasts for a gain of 0.3%. The increase in wages is being closely monitored by the Federal Reserve for evidence of diminishing slack in the labor market and upward pressure on inflation
  • Oil prices are down as traders monitor tropical storm Nate as it heads toward the Gulf of Mexico. The storm could evolve into a hurricane as early as this weekend. Brent Crude is down 1.44% on the day trading at 56.21 and WTI Crude is down 2.05% trading at 49.79
  • FOMC members Dudley and Kaplan are scheduled to speak later today. Dudley is delivering a speech titled “The monetary Policy Outlook and the Importance of Higher Education for Economic Mobility”. Kaplan is participating in a panel discussion in Austin at the Investing in America’s Workforce Conference hosted by the Federal Reserve System.