By Chris Becker
Friday night saw the release of the most significant economic event on the calendar – US unemployment. And while the headline rate pipped up to 4.9%, the number of jobs created far exceeded expectations, which should quicken the resolve of the Fed’s interest rate agenda, but was instead interpreted by the market as a risk-on event. Stocks were quickly bid on both sides of the Atlantic as the USD wobbled but did not change direction, except for the Aussie dollar which also caught the risk-on bid.
As usual for Monday, let’s zoom out and look at the longer term charts before previewing this week’s opportunities.