Non-farm payrolls surprise
The US reported a gain of 353K jobs in January, nearly double the expectations of 180K. On top of upward revisions worth 126K.
Wages rose by 0.6%, double the expectations, and YoY they are up 4.5%, smashing estimates of 4.1%.
Excellent data meant a straightforward reaction, with minimal reversals and an ongoing extension. The US Dollar is up, Gold is down, and stocks are also down, on fears of higher rates, while ignoring the good news for the economy.
I expect the Dollar to remain on the rise for the remainder of the day. Any corrections will have to wait for Monday. Nevertheless, the odds of a rate cut in March are down, and only a dive in inflation could change that notion. In the meantime, the trend is clear.
Wages rose by 0.6%, double the expectations, and YoY they are up 4.5%, smashing estimates of 4.1%.
Excellent data meant a straightforward reaction, with minimal reversals and an ongoing extension. The US Dollar is up, Gold is down, and stocks are also down, on fears of higher rates, while ignoring the good news for the economy.
I expect the Dollar to remain on the rise for the remainder of the day. Any corrections will have to wait for Monday. Nevertheless, the odds of a rate cut in March are down, and only a dive in inflation could change that notion. In the meantime, the trend is clear.
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