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Market Overview
Greenback Fails to Appreciate Despite Superb Labor Market Data
The US dollar was trading lower against most of the major
peers during the US session on Friday and the dollar index was down 0.1%,
hovering near 96.25.
Earlier in the session, the US Department of Labor announced
that the US economy created 250,000 new jobs in October, way above the expected
190,000 and more than double the 118,000 in September. The unemployment rate
remained unchanged and stayed at 3.7%.
Further strengthening this report was average hourly
earnings (wage growth) which jumped to 3.1% annually, up from 2.8% previously
and wages are now rising the fastest since April 2009. This is a strong
inflation signal and confirms the current Fed hiking trajectory.
The US dollar initially rose after this numbers, although
only marginally, but failed to hold gains and declined shortly after.
On the other hand, US yields soared, with the 30-year yield
again trading at cycle highs near 3.42%, while the 10-year yield climbed toward
the 3.2% handle. Short-term yields also flew higher.
Rising yields spooked stocks today and the SP500 index fell
as investors took profits from the recent rally and the index tested the
crucial 200-day moving average, which has held and therefore the medium-term
outlook for stocks appears bearish.
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