Markets:

• Gold up $13 to $1924
• WTI crude oil up $1.86 to $73.66
• US 10-year yields up 2.3 bps to 4.06%
• S&P 500 down 0.2%
• JPY leads, USD lags

The preliminary response to the non-farm payrolls report was blended because the softer headline competed with higher-than-anticipated wage development. The greenback fell, then recovered a lot of the losses.

From there, the bond market took over. Yields started to fell and 2s fell again by means of 5%, kicking off a robust decline within the US greenback. The USD/JPY promoting at the moment was significantly notable and definitely raised some eyebrows concerning regardless of the MOF or BOJ goes to ship, but it surely is also revenue taking.

The pound and euro had been additionally significantly perky as bot added round 90 pips from early New York ranges. Cable tried the June excessive and matched it to the pip however could not get by means of and gave a handful of pips again late.

The commodity currencies doubly benefited from stronger commodity costs and higher threat urge for food, placing up some sturdy positive aspects. The loonie trailed its mates regardless of one other sturdy jobs headline. One of many causes would possibly be the softer wage development within the employment report. Subsequent week’s Financial institution of Canada determination goes to be an enormous one with the implied likelihood of a hike at 67%.

Have an excellent weekend.