July payrolls and Canada\u2019s jobs data are due at the same time, with markets primed for a larger-than-usual FX response after ambiguous messaging at the July FOMC. Pricing for the September meeting has held at 14\u201317bp, while a 70k US payrolls call sits near an 80k consensus and is paired with unemployment seen at 4.3% versus 4.2% consensus. Recent EUR\/USD reactions averaged 0.2% in the hour after NFP over the past year, yet the last two releases moved 0.4%, and EUR\/USD is seen in a 1.150\u20131.155 range into next week\u2019s US CPI. USD\/JPY is flagged as the most sensitive G10 pair, with levels targeted at 160 in coming weeks and 158 by year-end.<\/p>\n
In Canada, consensus looks for employment up 20k and unemployment steady at 6.5%, while year-end Bank of Canada pricing is framed at 18bp. In Czechia, the CNB held at 3.75%, after which markets priced out roughly half a hike and now imply around 1.5 hikes; EUR\/CZK rose 0.2% to 24.235, with a 24.250\u201324.300 area referenced. In Hungary, July inflation fell from 1.7% to 1.2% against a 1.9% central-bank forecast, widening the miss from 0.3ppt to 0.7ppt, as easing pricing sits near 90bp and EUR\/HUF is back at 365.<\/p>\n\n\n\n