The FX market consolidates after non-farm payrolls, shares bounce

The US greenback has taken again portion of its non-farm payrolls drop because it ranges out and broader markets consolidate.

The greenback has been reluctant to push the ranges on the day and it is related in bonds. Yields initially fell on the information however then retraced with US 10s now down 2.1 bps to 4.07%, which is about the place it traded earlier than the information. Nevertheless front-end yields are 4.-5 bps under pre-data ranges and people are stronger FX drivers.

I am all the time leery of an NFP transfer that is been front-run and that was the case over the previous 24 hours.

Nevertheless the inventory market can not seem to assist itself right here as FOMO more and more kicks in. The S&P 500 is up 29 factors to a report 5186.