Macro Morning - MacroBusiness macrobusiness.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from macrobusiness.com.au Daily Mail and Mail on Sunday newspapers.
MacroBusiness
Access Subscriber Only Content
at 8:30 am on May 10, 2021 | 2 comments
Another US jobs report – the April non-farm payrolls or NFP – came and went on Friday night with Wall Street zooming higher on the very poor showing as the headline number came in way lower than expected, indicating that the Federal Reserve has some time yet before thinking of pulling the interest rate lever. As a result the USD was pushed significantly lower against most of the major currencies while commodities were mixed although gold surged onwards past the $1800USD per ounce level. Higher domestic currencies could prove a headwind for Asian stocks on the open here on Monday despite the positive mood on Wall Street with futures indicating some flat opens.
MacroBusiness
Access Subscriber Only Content
See the latest Australian dollar analysis here:
Wall Street zoomed higher on sentiment yet again, with the Dow Jones putting in a record high while European markets were more modest in their rises as the Bank of England kept its composure and interest rates steady, indicating some tapering ahead. The latest initial jobless claims numbers before tonights all-important NFP print was much lower than expected, sending the USD lower against most of the major currencies. Meanwhile, commodities saw another record high in copper, iron ore and lumber while oil prices fell back on the latest inventory report as gold finally burst through the $1800USD per ounce level.
MacroBusiness
Access Subscriber Only Content
See the latest Australian dollar analysis here:
Better economic data from the US coupled with better earnings saw yet another reversal in sentiment on Wall Street overnight but it was shortlived as tech stocks moved lower yet again. European markets bounced back very strongly after the previous selloff while Treasury yields were the only stable risk asset out there. Commodities continue to be mixed with iron ore lifting and seemingly on its way to $200 while gold tried again to reach the $1800USD per ounce level.
Bitcoin had another large swing overnight but was unable to get back to its Monday higher, lifting to just above the $57K level before retracing slightly this morning as it tries to play catchup with Dogecoin:
Macro Morning - MacroBusiness macrobusiness.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from macrobusiness.com.au Daily Mail and Mail on Sunday newspapers.