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:
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. :
In pre-market trading, major US indexes are trading higher ahead of the key US jobs report.
European markets are trading higher:
Stocks in Asia-Pacific markets were mixed
Looking at the US debt market, yields are lower ahead of the US jobs report:
Looking at Treasury yield curve spreads, the yield curve is steeper (but still negative):
European benchmark 10-year yields are lower.
cnbctv18-forexlive
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