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Friday, January 6

6th Jan - Quite strong jobs report

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Austria will maintain border controls ‘indefinitely’ – Politico
A return to Schenghen borders is not ‘justifiable,’ says interior minister.

Aussie immigration architect: Europe ‘just making up excuses’ – Politico
‘If Europe can’t control its borders, organize its finances or deter Russia, what good is it?’

Macroeconomic stabilization, monetary-fiscal interactions, and Europe’s monetary union – ECB
Conditions necessary for the euro area to have an effective stabilization policy – common nondefaultable debt and ability to orderly restructure national debt

The Numbers – WSJ
Jobs Rise Only 156K, But Average Hourly Earnings Jump – ZH
156,000 Jobs, 4.7% Unemployment Rate – Bill McBride
Record 95.1 Million People Were Not In The Labor Force – ZH
US Jobs Details Better than the Headline – Marc Chandler
Job growth slows, but wages rebound strongly – Reuters
Payrolls Rise 156,000 as Wages Increase Most Since 2009 – BB

Danske DailyDanske Bank

US jobs report in the spotlight today * Repo normalization hits short dated bonds, long dated French govies well received * USD weaker on ADP, while waiting for NFP

Morning MarketsTF
European equity markets are expected to open narrowly mixed today as traders await key US unemployment data. FX markets meanwhile remain transfixed and unnerved by China's ongoing manipulation of its currency as they wonder what to expect next.

Daily Market CommentMarc Chandler
Dollar Consolidates Losses, Peso Firms while Yuan Reverses

Daily Press SummaryOpen Europe

Brussels PlaybookPolitico

10 things you need to know before the opening bellBI

US Futures Flat Ahead Of December Payrolls; Dollar Rebounds


FX UpdateTF
The broad USD weakness was clearly at least partly a result of collateral damage from China’s record intervention in the offshore yuan market. With pressure from that direction fading and the key data of the week today it’s do-or-die for the near term for USD bulls.