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Eamonn earlier noted that US President Joe Biden has been scheduled to speak about the jobs report at 11:30 am ET.

A few things to keep in mind:

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  1. The White House gets the jobs number on Thursday afternoon
  2. This speech wasn’t scheduled until after that time
  3. Biden doesn’t speak after every jobs report

To me this looks like a dead giveaway. Now, he could be speaking to downplay a weak report but that’s usually the job of deputies and I highly doubt if he would be out there if it was a negative print. Now this doesn’t necessarily mean it’s a great report because a number right on consensus is still 170K jobs and with unemployment down to 3.7% from 3.8%.

The appearance also helps to explain some of the USD strength today, though it’s fading at the moment.

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For more, see: Non-farm payrolls preview: Jobs report set to land in a fragile market

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