Good news - but not for American job seekers. Non-Farm Payrolls figures published last Friday revealed lower than expected new jobs in April: 175k versus a consensus of 243k. Unemployment also rose to 3.9% compared to the previous data print of 3.8%. The numbers give hope that the US labour market is not overheating after all, and that interest rate cuts are still very much on the table. The only missing piece is for inflation to start cooperating. Figures published so far have been consistently high, to the dismay of many Federal Reserve board members.
US stocks were thrilled with the unexpected development. The Nasdaq Composite in particular closed just shy of 2% higher on Friday, the S&P 500 gained 1.26% and the Dow Jones Industrial Average finished the day 1.18% in the black. Understandably, the Dollar was not so enamoured with the narrative shift, the DXY wicked sharply to the downside during the session before closing the day a quarter of a percent lower. Gold remained unfazed, oscillating around $2,300 an ounce throughout most of last week before closing flat on Friday. The one outlier in commodities was oil, which lost around 6% last week, affected mostly by demand concerns as a result of reduced growth forecasts around the world, as well as a lack of further escalation between Iran and Israel.
There is very little on the economic calendar to get excited about this week. Market participants will have to wait until Thursday for the only items of any real substance, which include more interest rate talk from the Bank of England and the ECB, followed by US jobless claims.
Эрсдлийн дохио : Худалдааны дериватив ба хөшүүрэг бүтээгдэхүүн нь өндөр түвшний эрсдэлтэй байдаг.
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