Friday night saw risk markets hinge on the much anticipated US jobs report aka Non-Farm-Payrolls aka NFP, which surprised to the lowside, sending USD sharply down against all the undollars. Wall Street didn’t know what to do about the print after being alarmed previously by a too strong private jobs print with the anticipation that the Fed will not give up on further rate rises as inflation remains their key concern.
Euro lept out of the gate after being depressed all week while the Australian dollar almost managed to break above the 67 cent level after being surprisingly strong through the RBA’s recent rate hike pause.
US bond markets again saw more upper movement at the long end of the yield curve with the 10 year pushing further above the 4% level while oil prices gained strongly on the weaker USD with Brent crude making a new monthly high above the $78USD per barrel level. Gold bounced back as well but still looks somewhat weak at the $1925USD per ounce level.