A little bit of everything in the jobs report
Jobs were strong. Wages were a little weaker. Participation rate dipped. Unemployment rate fell to 3.6% from 3.8%. A little of everything but overall the jobs gains are impressive still.
For the USD
- The EURUSD is back to unchanged vs the pre-report level of 1.1154
- The GBPUSD was at 1.3000 pre-report and is up at 1.3024 after moving lower and shooting back higher.
- USDJPY was at 111.51 before and spiked higher but has come back down and trades at 111.51 currently
- There are some movements into the risk pairs like the AUD and NZD. They are higher (lower dollar).
- The AUDJPY, NZDJPY, GBPJPY and CADJPY are also higher on risk on flows
For stocks, the Dow is at 108 (up from about 66 points higher before the report). The S&P is up 12.25 points now, and the Nasdaq is up about 55 points. Both are higher than pre-report levels.
For the debt market, the yields are still higher but off the highest levels. The odds of a Fed rate cut continues to slide. The estimate is down to 44% for a cut from 50% yesterday.