Potential Shift in Theme as Markets Eye Growth Differentials

Friday’s market reaction to the surprise non-farm payrolls July figures might signal a crucial shift for currencies and markets in general. US non-farm payrolls for July were better than expected, falling by -247k, while the unemployment rate dipped to 9.4% from 9.5%. After initial claims and a major US bank reset their forecast at -250k, participants were unsure where consensus lay and provided...