FXStreet (Guatemala) - Kit Jukes, Global Head of Currency Strategy at Societe Generale bids us a good weekend at the end of the week.
“My parting thought for the weekend after a 'meh' NFP that points to a better Q2 for the US economy than Q1, an uptrend in wage growth so gradual it makes a tortoise look energetic, and a pace of hours worked which is barely keeping up with GDP".
"The US economy can generate enough jobs to keep the unemployment rate going down, but not enough to worry the Fed. The result is a a very risk-friendly environment as investors are forced to look for some kind of return, somewhere else. Mexico's response, taking the opportunity to cut rates by 50bp as money flows into their bond market, sums it up which entertained me, it shows the standard deviation of the last 24 monthly payroll changes, over the last 50-something year. Not only are we at less than half the average, but we are at an all-time low. Never has the first Friday of the month been so dull! And it's going to get even worse next month, when the first Friday is July the 4th”.
“So, have a quiet one...”