USD: No Clear Message From Sept NFP But Strong Wage Data USD Positive - CIBC

CIBC Research comments on today US'a September jobs report: 

"Hurricanes took a toll on hiring in September, as payrolls registered their first decline since late 2010. The headline number showed a decline of 33k, with broadbased weakness due to Irma and Harvey...

Looking through some of the noise on job creation, wages were up a robust 0.5%. The BLS says that some of that could be attributable to the hurricanes, but part of the strength in the year-over-year figure was due to an upward revision for August where hurricanes shouldn't have affected the number.

Overall, the hurricanes impacts will make it difficult for markets to find a clear message, but the strong wage data should tip the scales towards a stronger dollar and higher yields,"CIBC argues.

Source: CIBC Economics - CIBC Capital Markets