During today’s Currency Call, Gim Hong highlighted that the U.S. nonfarm payroll data released was way far from the expected result, 266,000 jobs were added as opposed to the expected 990,000. Analysts believe that the high demand for jobs and the low supply of jobs is the main reason behind the poor jobs report. To make matter worse, the number of jobs added in March was revised down, indicating that lesser jobs were being added. Nonetheless, the jobs report indicated that the leisure & hospitality sector continues to have the biggest hiring gains due to the good progress made in the vaccination programme, thus giving businesses the confidence to open up.
Scott highlighted that with the release of the poor U.S. jobs report, the U.S. dollar index is currently trading at around the 90 level. Scott suggested to wait for the U.S. CPI data and the U.S. 10-year bond auction data to be released on Wednesday before looking for trade ideas.
Jin highlighted that one possible reason behind the poor U.S. jobs report is the discouragement to look for jobs as a result of the unemployment benefits providing more benefits than being employed. The Australian new home sales m/m data is unlikely going to move prices much.
During the day, NZD/USD and AUD/USD strengthened.
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