Euro Follows Risk Appetite on Strong Jobs, but ...
The rare triple positives in US jobs report; strong NFP; high upward revisions; lowest unemployment rate since December 2008 underline the improving situation in US jobs, but the disinflationary dynamics in the US and global economy should continue to bolster the arguments of the doves at the Fed. Speculation that Fed dove Janet Yellen will succeed Ben Bernanke will also sway the balance against tapering QE. USD rallied on the broadly positive US jobs report before falling against all currencies with the exception of the yen as stocks hit new record highs. We added 3 new Premium charts in AUDUSD to affirm our positioning in the pair. The final USDJPY long hit all targets, while both EURUSD remain in progress and the long GBPUSD nears its final target. The rare convergence in AUDUSD can be seen in the Latest Premium Insights
|Nonfarm Payrolls (APR)|
|165K||145K||138K||May 03 12:30|
|Unemployment Rate (APR)|
|7.5%||7.6%||7.6%||May 03 12:30|
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