Mixed trade in the USD - non-farm productivity falls in Q3
Not too much activity in the USD pairings today, with the latest release of Q3 non-farm productivity showing a fall of 0.6% on the quarter, but this does not seem to have impacted on markets. One would perhaps expect some degree of concern in risk assets - certainly US markets - but as yet, no reaction seen.
As a correlation, USD/JPY would be the one to react more in FX here, but despite the pullback, which is now just under the 109.00 level, price action is pretty calm and steady, though this may change as NY cash equity markets are up and running a little later on.
We also got the Unit Labour costs for the quarter, with this rising from 2.4% in Q2 to 3.6% in Q3. This was above the 2.2% expected, but much of this has been covered in the earnings growth readings in the non-farm payrolls reports in the prior 3 months before October.