US Equity Markets tumbled on Friday, following a big miss on the Non-Farm Payroll number and a big revision lower, for the previous two months. Trump fired the head of Labour market statistics, following the announcement, due to political manipulation of the important statistics. This overshadowed the August 1st Trade deadline, which set a few markets on fire. The big losers were Canada, Brazil, Switzerland. New Zealand also suffered a tariff increase to 15%, while Australia dodged a bullet, settling for the original prescribed 10%. The hit to the US labour market and the fallout was enough to smash the US Dollar, allowing the EUR to rebound back towards 1.1600, while the GBP pushed up to 1.3300.The tumbling reserve allowed the AUD to consolidate above 0.6450, while the NZD looks to regain 0.5900. The coming week will be relatively light on global economic data releases but will continue to digest the US Labour market fallout. The global trade agreements and their impact on individual Country impacts, will also filter through to individual currency markets.
