Saxo Bank’s head of FX strategy John Hardy digests November’s employment data from the US.

The headline figure for the US jobs data was 178,000 versus 180,000 expected, with a monthly decline in average hourly earnings, and unemployment 4.6% versus 4.9% expected.

Hardy analyses the figures but also looks ahead to next week’s big calendar events, including the Italian referendum and the meeting of the European Central Bank.