GBP is strongest and JPY is weakest at the start of the NA session.

GBP is strongest and JPY is weakest at the start of the NA session. The USD is broadly lower, with modest declines of -0.08% to -0.26% for the EUR, GBP, CAD, AUD and NZD. The greenback is unchanged against the CHF and 0.52% stronger against the JPY after its -3.38% decline last week – the biggest one-week decline since early November 2022.

Today is another “day after”. Last week, the day after the FOMC meeting and press conference, Chairman Powell was less hawkish. Today, we are experiencing another “day after,” this time with lower-than-expected nonfarm payrolls in the United States. This report indicated that non-agricultural wage employment stood at 175,000 compared to an expected 238,000, with the unemployment rate rising to 3.9% from 3.8% previously. Hourly wages fell to 3.9%, their lowest level since 2021.

Thus, the two major events caused rates to fall (down 15.5 basis points over 10 years), the dollar to fall (the DXY down almost 1%) and stocks to rise (the S&P up +.55% after a drop of -1.70% at the lows of the 2017 session). Wednesday).

PS, it’s also the “week after” another big week of results which completed the results announcements for this cycle for almost all the big winners, with the exception of Nvidia which does not publish a report until the May 22. However this week, there are still some interesting names that are profitable, including:

• Monday May 6: Berkshire Hathaway (during the weekend), Palantir *Lucid*

• Tuesday May 7: Walt Disney, Celsius, Crocs, Ferrari, BP, Rivian*, Upstart*, Wynn*, Lyft*, Twilio*, Toast*

• Wednesday May 8: Uber, Shopify, Toyota, Arm Holding*, AirBNB*, Beyond Meat*

• Thursday May 9: Roblox, Warner Bros. discovery, Marathon Oil, Unity Software

Today (the next day), yields are down (10-year yield down -1.5 basis points), the dollar is down overall, and the S&P is up (17 points or 0.33% ).

The economic calendar is empty of any publication. Offer fat parking zones to speak at 4:50 p.m. ET, and the NY Fed Pres. Williams is scheduled for a 1 p.m. Note that UK markets are closed today

A look at other markets at the start of the North American session currently shows this. :

• Crude oil is trading up $0.90 at $79.02. At this time Friday, the price was $79.19. For the week, crude oil prices fell 6.83%
• Gold is trading up $16.44 or 0.72% at $2,318.48. At this time on Friday, the price was higher at $2,297.47. For the week, gold prices are down – 1.54%
• Silver is trading up $0.54 or 2.07% at $27.10. At this time Friday, the price was $26.46
• Bitcoin is currently trading at $64,260. At this time on Friday, the price was trading at $59,149.

In pre-market trading, major US indexes are trading higher ahead of the key US jobs report.

• Dow Industrial Average futures imply a gain of 136 points. On Friday, the index closed up 450.02 points or 1.18% at 38675.69. Over the week, the index increased by 1.14%
• S&P futures imply a gain of 18.46 points. On Friday, the index rose 63.61 points or 1.26% to 5127.80. Over the week, the index increased by 0.55%.
• Nasdaq futures imply a gain of 48.71 points. On Friday, the index rose 315.37 points or 1.99% to 16,156.33. Over the week, the index increased by 1.43% yesterday.

European markets are trading higher:

• German DAX, 1.05%. Last week, the index fell -0.88%.
• FranceCAC, 0.92%. Last week the index fell -1.62%
• UK FTSE 100, on vacation.. Last week the index increased by 3.09%
• Spanish ibex, 0.72%. Last week the index fell -2.69%
• Italian FTSE MIB, 1.15% (delayed by 10 minutes). Last week the index fell -1.81%

Stocks in Asia-Pacific markets were mixed

• Japanese Nikkei 225, -0.10%
• Chinese Shanghai Composite Index, +1.16%
• Hong Kong’s Hang Seng Index was 0.55%
• Australia’s S&P/ASX index was 0.70%

Looking at the US debt market, yields are lower ahead of the US jobs report:

• 2-year return 4.799%, -0.7 basis points. At this time Friday, the yield was at 4.866%
• 5-year yield 4.472%, -0.9 basis points. At this time Friday, the yield was at 4.548%
• 10-year yield 4.489%, -4.1 basis points. At this time Friday, the yield was at 4.556%
• Yield at 30 years 4.649%, -1.2 basis points. At this time Friday, the yield was at 4.705%

Looking at Treasury yield curve spreads, the yield curve is steeper (but still negative):

• The 2-10 year gap stands at -31.2 basis points. At this time yesterday, the spread was -30.9 basis points.
• The 2-30 year gap stands at -15.3 basis points. At this time yesterday, the spread was -16.0 basis points.

European benchmark 10-year yields are lower.