What a blast
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The US economy added 353,000 nonfarm jobs last month, exceeding expectations of around 185,000 new job additions. The average wage growth unexpectedly accelerated to 4.5%. The probability of a March rate cut from the Federal Reserve (Fed) has fallen to less than 20%, compared to around 80% at the start of the year. The US 2-year yield jumped more than 20bp, the 10-year yield jumped past 4%, and the US dollar index rallied to its highest levels since early December. The EURUSD slipped below the 1.08 level and hit a bearish target of 1.0710. The AUDUSD slipped below its 100-DMA and is testing the 65 cents support. The stock markets were not impacted by the jump in US yields and the retreat in Fed rate cut bets. Gold remains under selling pressure. Ripple price trades around $0.50 ahead of the next key date in the SEC vs. Ripple lawsuit. The main macro driver in focus for the US is the ISM Services PMI for January. The RBA's rate decision is also awaited. The barrel of US crude fell to $72pb level last week and is not much higher this morning despite the US retaliation for last weekend's attacks. The risk of escalation with Iran remains. The first full week of February will deliver a quieter tone compared to last week. The use of this website constitutes acceptance of our user agreement. Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors.
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