US: Solid employment report - TDS

Analysts at TD Securities explain that the US October jobs report was solid with fewer apparent hurricane distortions than anticipated.

Key Quotes

“A surprisingly strong headline payroll print of 250K led the way, along with a steady unemployment rate at 3.7% and on-consensus annual wage growth of 3.1%. All of which keeps the Fed on track for another hike in December, and to likely tighten slightly above neutral over time.”

“FX: The data offers a boost to the USD, though we think markets will be cautious to push this narrative with positioning stretched and event risk related to the US mid-terms next week.”