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US election: positive jobs report but with little impact – #SaxoStrats
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October’s US employment report for fairly strong but the focus is still on Tuesday’s presidential election, says Saxo Bank’s head of FX strategy John Hardy.
He says that the headline nonfarm payrolls figure disappointed slightly with a 12,000 shortfall, coming in at 161,000 versus 173,000 expected.
There was positive detail in the report with the two-month revision at +44k, explains Hardy, and the Average Hourly Earnings up to +2.8% year-over-year, beating the 2.6% expected.