Investinglive Americas FX news wrap 1 Aug. Jobs weak. Data weak. Tariff high and a firing. ...Middle East

Major US indices close lower on tariffs, jobs, nuclear subs and a firingWhy are jobs revised and is there a better way? I think so. It starts with the data.Fed Gov. Adriana Kugler announces her resignation from the Fed Board effective August 8Trump: Jobs data is manipulated lower. The economy is booming but rates should be lower.Baker Hughes oil rig count -5 at 410Uncertainty Looms: U.S. Jobs Report shifts risk to economy toward unemploymentTrump:Positions two nuclear submarines in "appropriate regions" due to inflamatory remarksEuropean indices close sharply lower and down for the weekAtlanta Fed GDPNow Q3 growth estimate falls to 2.1% from 2.3%US government turmoil stalls thousands of export approvalsFed's Bostic on CNBC: The revisions showed that the labor market is slowing downUS construction spending for June MoM -0.4% versus 0% expectedUS ISM manufacturing index for July 48.0 versus 49.5 estimateUniversity of Michigan final sentiment for July 61.7 vs 62.0 preliminaryS&P Global Manufacturing July PMI final 49.8 versus 49.5 preliminaryWhite House: Switzerland refused to make any meaningful concessions on trade barriersFed's Hammack (2026 voter): NFP report was disappointing but healthy labor market.Swiss Pres. Keller: Government disappointed by US tariffs imposed on countryTrump: Too little, Too late. JeromeUS nonfarm payroll rises by 73K vs 110 K estimate/Unemployment rate 4.2%. Big revisions.Reuters source likely to approve another production hike on SundayUSTR Greer: Will be finishing paperwork on deals over the next week's/monthsFed's Waller and Bowman comment on their dissent to this week's policy decisioninvestingLive European markets wrap: Stocks stumble, dollar steady ahead of US jobs reportTrump keeps up with the Powell bashing again today

May was revised down from 144,000 to 19,000---> -125,000June was revised down from 147,000 to 14,000 ---> -133,000

The unemployment rate ticked up to 4.2% from 4.1% last month.

The reality is the 818,000-job downward revision was announced by the Bureau of Labor Statistics on August 21, 2024 - not on November 15 right after the election. It reflected a preliminary benchmark adjustment showing that payrolls between March 2023 and March 2024 were overstated by that amount.

Earlier the pink slip was also given on TruthSocial (or announced to the world).

In addition to the US jobs report, the other data was not particularly good. Construction spending was -0.4% versus 0.0% estimate. ISM Manufacturing was lower at 48.0 versus 49.5. Finally, the University of Michigan sentiment dipped to 61.7 from 61.8 pulmonary with the 1-year inflation ticked up to 4.5% from 4.4% preliminary but but the five year inflation expectations fell to 3.4% from 3.6%.

All of that - and the start of the August 1 tariffs with Canada set up 35% and Switzerland set up 39% - led to stocks moving lower. The NASDAQ index fell -2.24%. The Russell 2000 also fell more than 2% with a decline of -2.03%.

The US dollar did move sharply to the downside with the USDJPY down -2.26% (that wsa helped by flight to safety into the JPY). The dollar fell by -1.5% vs the EUR and by 1.00% vs the CHF. Versus the other major currencies:

CAD -0.49%AUD -0.65%NZD -0.49%GBP -0.55%

Feds Waller and Bowman explained their decision for the dissent to lower rates at the FOMC rate decision on Wednesday, and were vindicated by the data today. Fed's Bostic kept a stiff upper lip regard to his projections for one cut in 2025, but acknowledged that the risks were skewed back toward equality for inflation and employment and that he would have to reevaluate given the new data.

Meanwhile, European and Swiss officials expressed disappointment over U.S. tariff actions, and the White House confirmed Switzerland refused to make progress on trade barriers. Eyes this weekend will turn to Sunday’s expected OPEC+ production guidance.

Thank you for your support. Have a good weekend.

This article was written by Greg Michalowski at investinglive.com.

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