DXY is suddenly being hosed:
AUD has broken out its near two year wedge to the upside. Bullish!
Even North Asia gave chase:
Oil weak, gold strong:
Not as strong as red gold!
Miners meh:
EM on the launch pad:
Junk fueling the rocket:
As yields look cooked:
Stocks only go up:
Hooray for Goldilocks US jobs:
Total nonfarm payroll employment increased by 206,000 in June, and the unemployment rate changed little at 4.1 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in government, health care, social assistance, and construction.
…The change in total nonfarm payroll employment for April was revised down by 57,000, from +165,000 to +108,000, and the change for May was revised down by 54,000, from +272,000 to +218,000. With these revisions, employment in April and May combined is 111,000 lower than previously reported.
Unemployment only creeping higher:
Wages growth creeping lower:
What’s not to like?
With the June US CPI next week likely to show more progress, Fed cuts loom large. July is probably too early but September isn’t.
This sets us up for an H2 blowoff in markets before the US election might give meaning to the phrase “sell the first cut”.
AUD has bucked the risks and is headed higher for now.
