December 9, 2022

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USD declines after the weaker jobs report (but watch those wages)

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The USD is the weakest of the majors now

The initial reaction was for a weaker dollar after the jobs report came in at 559K versus 675K estimate.  However the fly in the ointment is the wage gains which rose by 0.5% and are up 2.0% year on year.  The unemployment rate did dip to 5.8% from 6.1%.  The snapshot currently shows the dollar is the weakest verse the AUD and the NZD

The USD is the weakest of the majors now

US stocks are little bit higher after the report:

  • Dow +73 points
  • S&P +13 points
  • NASDAQ index +70 points

In the US debt market, yields are mixed:

  • 2 year 0.152%, -0.2 basis points
  • 5 year 0.828%, -1.2 basis points
  • 10 year 1.623%, -0.2 basis points
  • 30 year 2.307%, +1.2 basis points

In other markets:

  • Spot gold is trading up $11 or 0.59% of $1881.67
  • spot silver is trading up $0.19 or 0.71% at $27.63
  • WTI crude oil futures are up $0.45 or 0.67% at $69.27
  • Bitcoin has recovered some of its losses after the Elon musk breakup with bitcoin is trading down $-1750 or -4.53% at $36,954

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