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The big wait for payrolls was the usual quiet affair, with some modest upside flow in USD/JPY, trading back up from the low 113.00’s after a nervous dip below Thursday’s lows on comments from BoJ head Kuroda – that further near term ‘easing’ is unlikely. The move ran out of steam ahead of 114.00, but after the headline NFPs printed the above-expected 242k result, we saw a renewed push through the figure but was well contained ahead of yesterday’s highs. Against this, EUR/USD was pushing higher on growing concerns the ECB will disappoint next week, retesting the 1.0970+ zone but dropping back to 1.0900 before the market then took note of the softer earnings component in the jobs report. This saw 1.1000 reclaimed alongside an eventual push higher in Cable through 1.4200, helping AUD/USD take out the .7400 level. Cross/JPY higher as Wall Street turned higher later on in the am North American session. NZD/USD pierced .6800, but looking into next week, we have the RBNZ meeting to contend with; outside calls for a cut but certainly a dovish tone to be maintained. BoC also meet next week; CAD moving on Oil through the day today. However, the highlight is the ECB convene on Thursday, with expectations of some policy action, but concerns again that it will not be enough.
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