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Buy (almost) everything is back
April 6, 2021SharePrint
Stock markets rise, US dollar dips
In a flashback to the future, US markets fully returned to work overnight and partied like it was 2020. Stock markets powered higher; the US dollar fell at the expense of risk-correlated currencies, US yields eased slightly, and industrial metals rose. Gold and cryptos both had positive days with only oil suffering, which we will discuss later.
There seems to have been a delayed reaction to Friday’s impressive Non-Farm Payrolls. The whole buy everything process being given another sugar rush by the US ISM Non-Manufacturing PMI blowing forecasts out of the water. Markit Services PMI had outperformed as it rose to 60.40, but the ISM data stole the show. Non-Manufacturing PMI for March rose to 63.70 versus 59.0 expected, as the US reaps the Covid-19 jabs in arms, stimulus cheques peace dividend faster than expected.