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USD modestly firmer after employment report

US employment report slightly firmer than expected, headline rising 252k, vs expectations for 240k. Unemployment rate falling more than expected to 5.6% (from 5.8%). USD reaction tempered by weaker than expected earnings data. Participation rate nudging lower to 62.7%. Overall, continuing steady progress on labour front, but earnings not yet convincing and in the wider picture, we are seeing inflation expectations continuing to fall, which remains a concern for the Fed.

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