Jobs boost and tech bounce help US dollar

Monday 9th November 2026

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Phil and NAB Chief Economist Sally Auld analyse a resilient finish to the week for the US economy. Wall Street found its footing on Friday—with the Nasdaq rebounding 1.1%—following a blowout US Non-Farm Payrolls print of 165,000 that beat expectations, even as accelerating average hourly earnings keep the Fed on track for a December rate hike. By contrast, Canadian employment data fell sharply, underscoring growing divergence across North America. The resurgent US dollar pressured the Australian dollar down to 68.7 US cents, while crude oil stabilized below US$99 a barrel despite fresh Houthi ballistic missile strikes on Riyadh. Regionally, New Zealand’s general election remains too close to call with Christopher Luxon’s National-led bloc holding a razor-thin advantage, and domestically, market focus turns to Tuesday’s NAB Business Survey tomorrow.

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