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US economy is seeing substantial growth in jobs. The US April NFP was confirmed at 428K vs 391K expected by the analyst consensus and Average Hourly Earnings came in below expectations (0.3% vs. 0.4% expected). Market participants will be focusing on how this might impact the extent to which the Fec is willing to go with rate hikes.  By reading further, you agree with our disclaimer at the end of this report and acknowledge that we do not provide investment advice.

Initial reactions in the major currency pairs were very mild but we are seeing a little bit more reaction in the T-Bond market and yields. Bonds rallied slightly before the NFP report but as soon as the numbers came out bond traders started to sell pushing yields higher. This reaction suggests traders believe the NFP report’s most important contribution is that the Fed can keep on raising rates. 

At the time of writing, the dollar is gaining against the main counterparts which is in line with the reaction from the bonds (and yields). Commodity currencies are taking the biggest hits while CAD is the strongest against the dollar.

Trade Safe!

Janne Muta

Chief Market Analyst

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