March 26, 2023

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Locked and loaded for another edition of non-farm payrolls

1 min read

Canadian jobs also coming up

It’s the first Friday of the month and it’s time to chow down on the non-farm payrolls report. I wrote a preview for it yesterday and I would lean to the upside if gambling on jobs reports was a good strategy. At the moment, it seems as though someone else has the same idea as USD/JPY ticks up to the best levels of the day.
The consensus is 1m jobs but as you can see from this graph via @newsquawk, there are some seriously outliers that could make for a lively reaction.
jobs report

The Canadian jobs report is also due at the same time. I think this is a less-interesting report because the economy was heavily locked down in April. The consensus is -150K after a +303K report in March. If we get something soft, I would be a seller of USD/CAD because it’s a 1-3 month blip before the vaccines kick in and commodity prices are soaring.

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