Yields higher. Stocks giving up gains. Dollar higher after strong US jobs report

<p>Wow. A big miss to the upside in the US jobs report with NFP rising by the largest since January 2023. The market is pricing in 128 basis points of easing in 2024 vs 139 basis points at the start. </p><p>The question is how accurate is the data? Did seasonals miss? </p><p>Before the release, the stock futures were implying:</p><ul><li>Dow +36 points</li><li>S&amp;P +30.81</li><li>Nasdaq +175 points</li></ul><p>In the US debt market, the prerelease data showed:</p><ul><li>2- year yield 4.235% at 4.7 basis points</li><li>5-year yield 3.848% +3.9 basis points</li><li>10 year 3.893% +3.2 basis points</li><li>30-year yield 4.125% +2.3 basis points</li></ul><p>The snapshot now shows:</p><ul><li>Dow Industrial Average -83.0 points</li><li>S&amp;P index up 12 points</li><li>NASDAQ index of 94 point</li></ul><p>In the US debt market:</p><ul><li>two year yield 4.37% +17.6 basis points</li><li>5-year yield 3.9.8 percent +15.2 basis points</li><li>10 year yield 3.978% +11.5 basis points</li><li>30-year yield 4.178% +7.6 basis points</li></ul><p>Looking at the US dollar, it has risen sharply (more to come):</p><ul><li>EURUSD: The EURUSD has moved back below its 200-day moving urgent 1.08389 (close risk now for technicals) and is entered into a swing area between 1.08038 and 1.0824 (the price is at 1.0810). Recall the 50% midpoint of the move up from the October low comes in at 1.07936, and the 100-day moving average of 1.0776. The low price reach 1.0779 yesterday just ahead of the rising 100-day moving average.</li><li>USDJPY: THe USDJPY is moved higher in trade above its 100 hour moving average at 147.098, and its 200 hour moving average at 147.444. The 100-day moving average is at 147.56 and the price is above that level as well with the price at 147.66 currently. The high price for the week was in the first hour of trading on Monday at 148.32. There is a downward slope and trendline on the hourly chart at 147.837 which is the next target</li></ul>

This article was written by Greg Michalowski at www.forexlive.com.