Forexlive Americas FX news wrap: More volatility follows benign US jobs report


Markets:

  • Gold up $7 to $1883
  • WTI crude up $2.34 to $110.60
  • US 10-year yields up 5 bps to 3.12%
  • EUR leads, CAD lags
  • S&P 500 down 23 points to 4123 — first streak of 5 weekly losses since 2011

The non-farm payrolls report was right down the fairway. Jobs were a bit high but unemployment a tad disappointing. The main focus was on avg earnings and those were a fraction below consenus. That led to a brief dip in USD/JPY and short-dated yields but it didn’t last.

Instead, it was equities and deleveraging taking over once again. A swoon in stocks and bonds and several fledgling rallies lent some support to the dollar but the FX market was largely sidelined in this episode. Cable skidded along the bottom near 1.2340, as did the Australian dollar.

The loonie came under some selling pressure and USD/CAD rose above 1.2900 but couldn’t get above last week’s high of 1.2914 and there was some selling as risk trades made a bit of a stand late and oil — once again — found a bid.

In all those noise, the resilience in crude may be a true slgnal. Oil closed the week above $110 to end a series of lower highs in what looks like a break from the wedge. That it could make the move in such a dicey market adds credence to the break. Natural gas though reversed on Friday to $8 after touching $9.

In Europe, the EU continues to debate a ban on Russian oil but Hungary might block it; there’s talk of giving them an 18-month timeline. Slovakia is also looking for an exception. There isn’t much chatter on the Iran nuclear front.

In USD/JPY, the pair added 42 pips on the day but it was all in Asia and we stayed within the range in New York trade. However it was the ninth week in a row of gains for the pair in what’s been an absolute screamer of a trend trade.

Have a great weekend.

US dollar index



Source link

Related articles

MoviePass launches Mogul, a each day fantasy sports-inspired, blockchain-based platform for film buffs, and says over 400K folks have signed up for early entry...

Lauren Forristal / TechCrunch: MoviePass launches Mogul, a each day fantasy sports-inspired, blockchain-based platform for film buffs, and says over 400K folks have signed up for early entry  —  MoviePass, the startup that...

Kraken Completes $1.5B NinjaTrader Acquisition As Funded Accounts Soar 26% in Q1

Kraken accomplished its acquisition of NinjaTrader, the outstanding U.S. futures buying and selling platform, after saying the $1.5 billion transaction in March. With this acquisition, Kraken goals to supply entry to conventional derivatives inside Kraken's...

Rising star protection tech startup Mach Industries is elevating $100 million, sources say

Mach Industries, the protection tech based by 21-year-old Ethan Thornton, is about to shut a recent $100 million in financing co-led by new investor Khosla and current investor Bedrock Capital, a supply conversant...

Sam Altman’s Eye-Scanning Id Mission Launches in Six U.S. Cities

Sam Altman's ambition to construct a worldwide id community backed by blockchain and biometrics entered the US.Based on the corporate, this challenge, now recognized merely as “World,” launched its US rollout in six cities, providing...

The USD Slide Continues: EUR & GBP Targets for Might – Analytics & Forecasts – 1 Might 2025

Hello everybody! Let’s replace our forecasts for Might. The broader "risk-on" development remains to be in play, which suggests the USD is more...
spot_img

Latest articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

WP2Social Auto Publish Powered By : XYZScripts.com