DXY held on Friday night.
AUD could not break higher.
Lead boots still plodding upwards.
Gold sagged. Oil bounce looks technical to me.
Metals no bueno.
Big bear rolls on.
EM maybe.
Junk meh.
Yields up.
Stocks upper.
The US jobs report was a Goldilocks scenario, so it did not change the trends.
Total nonfarm payroll employment increased by 139,000 in May, and the unemployment rate was unchanged at 4.2 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in health care, leisure and hospitality, and social assistance. Federal government continued to lose jobs.
…The change in total nonfarm payroll employment for March was revised down by 65,000, from +185,000 to +120,000, and the change for April was revised down by 30,000, from +177,000 to +147,000. With these revisions, employment in March and April combined is 95,000 lower than previously reported.
There is pressure at the margin.
But the dramatic reduction in immigration is supporting wages growth.
The US economy is in a plod now that will likely go on unless or until the child president changes course. The forthcoming tax cuts will help, but are probably not a game-changer. AI and fatty drugs might be, but that will take time.
A slow grind up for AUD looks like the Goldilocks scenario.
