US payrolls disappoint in June
Yesterday’s US employment report from the US was a good deal weaker than markets were expecting. The level of non-farm payrolls fell by 467k in June, about 100k weaker than the average forecast of analysts, albeit that such forecasts had become somewhat dated by lunchtime yesterday following Wednesday’s weaker ADP report. The news triggered a relatively large response across the markets: equities and bond yields are lower, though the dollar is stronger as the fx market takes its cue from the reduction in risk appetite.
