Here is the key factor to keep in mind today for US Dollar trades:

• US NFP: The US economy managed another NFP report above 200,000. The US added 215,000 jobs in July which missed estimates for an increase of 225,000 jobs, but June’s NFP report was revised higher to show that the US economy added 231,000 jobs. Private payrolls rose by 210,000 in July, missing estimates for an increase of 212,000 and forex traders can compare this to June’s upward revised 227,000. Manufacturing payrolls rose by 15,000 in July, beating estimates for an increase of 5,000, but June was revised lower to show the addition of only 2,000. The two-month payroll net revision showed a total of 14,000 more jobs added than initially reported in May and June. The unemployment rate was reported at 5.3% as economists were looking for. This shows no change from the 5.3% which was reported in June. The underemployment rate was reported at 10.4% and was slightly below expectations which called for an underemployment rate of 10.5%. Forex traders can compare this to the 10.5% which was reported in June. The labor force participation rate came in at 62.6% and matched expectations which called for a labor force participation rate of 62.6%. Forex traders can compare this to the 62.6% which was reported in June. The labor force participation rate remains near historic lows. The change in household employment showed a gain of only 101,000 jobs in July and if taken together with the 56,000 job losses reported in June then the labor market does not resemble strength. The average hourly workweek rose to 34.6 hours in July which was slightly higher than the 34.5 hours expected. The average hourly workweek in June was 34.5 hours. Average hourly earnings rose by only 0.2% in July monthly and 2.1% annualized. This came in below expectations for an increase of 0.2% monthly and 2.3% annualized. Forex traders can compare this to the 0.0% monthly and 2.0% annualized which was reported in June.

Here is the key factor to keep in mind today for Canadian Dollar trades:

• Canadian Employment Report: The Canadian economy added 6,600 jobs in July which was higher than the 5,000 job gains expected by economists. This also reversed the job losses of 6,400 which were reported in June. 17,300 full-time positions were lost in July and 23,900 part-time positions were added. Forex traders can compare this to the addition of 64,800 full-time positions and the loss of 71,200 part-time positions reported in June. The unemployment rate was reported at 6.8%, matching expectations as well as the unemployment rate in June. The labor force participation rate decreased to 65.7% in July.

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