Intraday Market Thoughts

Post-NFP Premium Trades & Jobless Technicals

by Ashraf Laidi
Mar 9, 2012 17:17

US NFP rose by 227K from an upwardly revised 284K (prior +243K) with the unemployment rate steady at 8.3%. Private payrolls slowed to 233K from an upwardly revised 285K (prior 257K). US dollar rallying on a US-positive growth reaction, boosting US short term yields relative to Eurozone and the UK. As a result, The spread of Eurozone 10 yr yields minus US 10-yields is at -0.23%, the lowest since July 2011.

We warned earlier today: "robust report is likely to trigger an initial rally in risk assets alongside the US currency, before potentially seeing a reversal in risk currencies and assets on eroding chances of an outright QE, at which point the USD would remain the last currency standing". For our Friday Premium Intermarket Trades, USDJPY warnings and Jobless Techs, pls click here: Non subscribers click here:


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