Yesterday evening we had a chance to see what the FED members were chatting about on their last FOMC meeting. It was a surprise to see how worried most FED members were about the miss in the employment numbers. Yellen seemed relaxed in her speech a couple of weeks ago but the minutes showed the members were panicking.
It was a one off and even if it was to set the trend, you cannot expect the new jobs to be around 200-300k forever. There was an economic crisis about a decade ago and the US economy has been creating 200-300k new jobs a month after losing tens of millions of jobs in 2008-2010, but there will come a time when the employment sector balances.
It is very close to the balancing point and the 4.7% unemployment level shows it but we´re not quite there. The other economic indicators this month have shown just that. Anyway, even with all the dovish comments from the FED members the Buck hardly moved. The forex market didn´t give a damn what they thought, other major factors like Brexit and its implications are more important right now.
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