Weekend briefing: US payrolls expand again, just not as fast as expected

Here's our summary of key economic events overnight that affect New Zealand, with news of a surprise US labour market expansion that appeared more modest than expected. The headline non-farm payrolls expanded +209,000 when analysts had expected +225,000 - and other observers noticed yesterday's ADP employment report that signaled +497,000. For all its economic recovery issues, China's foreign exchange reserves rose in June when no change was expected. That means the TWI-5 is now just over 70.3, little-changed from yesterday but up +50 bps in a week. Recall, this time last week this price was US$30,316, so little change from then too.