Market Brief, North America

The US job creation engine came back to life in November after October’s strike- and hurricane-related slowdown, but the rebound likely wasn’t strong enough to derail the Federal Reserve’s easing plans. According to data just released by the Bureau of Labor Statistics, 227,000 jobs were added in the month – topping the 220,000-consensus forecast – and October’s headline print was revised up to 36,000 from the 12,000 previously estimated. Average hourly earnings climbed 0.4 percent month-over-month, holding at the pace set in the prior month. The unemployment rate climbed to 4.2 percent however, adding to signs of broader labour market...

Amid turbulent month-end flows and a serious tryptophan hangover, the dollar is retreating and volatility expectations are falling as investors bet that Donald Trump’s trade bite won’t match his bark. The greenback looks headed toward its biggest weekly loss in three months after several relatively-moderate cabinet picks – most notably Scott Bessent as Treasury Secretary – helped assuage market fears of a more extremist policy mix in the president’s second term, lowering long-term yields and reducing the risk discount embedded in other major currencies. Equity futures are pointing toward further gains in today’s holiday-shortened session, the ten-year Treasury yield is...