Happily we are out of March, but the seas still look ugly as far out as is possible to see.
The NFP today shows just how far into the twilight zone we are. The estimate missed the actual by -601K jobs and the unemployment rate spiked up by .6 above the expectation, heretofore believed impossible. Only the Avg Hourly Earnings were up. But there was almost no movement at all! No big spreads, no nothing. No sense.
The Unemployment Claims trade on Thursday appears to have had some huge movement, but I was travelling and did not get to see what happened.
So here we are, looking back fondly to a time only a few short weeks ago when we thought the future was blindingly bright.
There are only a couple red folders next week. And it is hard to imagine any of the releases really mattering. But here they are:
Tue 12:30 AM – AUD Cash Rate
Thu 8:30 AM – CAD Employment Change
Fri 8:30 AM – US CPI
Friday is a bank holiday in Canada, thus the Employment trade is on Thursday.