Most Laughable Jobs Report in Modem Memory

        11:26 EDT - Saxo Bank's head of FX Strategy, John Hardy, does a post-mortem on the market's jobs report response to conclude that its signals were so contradictory that it's "tough to piece together a compelling takeaway." He called it "the most laughable US jobs report in modern memory." If so, the laughs could be at traders' expense. At first "buy USD" algorithms were triggered by the +70,000 beat on new job expectations from the enterprise survey, he says, but this was quickly contradicted by a net 73,000 decline in the household survey's reading. The 0.4 point drop in the participation rate was the "most absurd of all," he says. (michael.casey@wsj.com)
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        (END) Dow Jones Newswires

        May 02, 2014 11:26 ET (15:26 GMT)