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Dollar Remains Soft Post Jobs Figures

USD

The dollar index which measures the greenback against a basket of major currencies fell to 90.10, its lowest level since late February after the jobs report miss. The market was expecting a sold jobs reports but the numbers missed estimates significantly, on seasonal adjustments. The report showed that the US economy created only 266 thousand jobs, the unemployment rose to 6.1%, as the participation rate ticked higher to 61.7%. Meanwhile, the average hourly earnings month over month rose by 0.7%, which could raise some inflation prospects. The US 10-year Treasury yields dipped sharply on the headline but recovered into the close. Investors will weigh inflation numbers, and whether inflation will push the Fed to take extra measures despite the slack in unemployment. The EURUSD soared to $1.2176, and the GBPUSD rallied to $1.4070.

Equities

Futures tied to major US stock indices raced higher post the jobs figures as the soft reading raised the chances of an extension of the current stimulus plans. The Biden Administration and the Federal Reserve vowed to do whatever it takes to restore employment to pre-pandemic levels. With the current miss, the Fed will decline any early tapering to the current asset purchases program. The Dow Jones Industrial Average futures rallied to record 34814, the S&P500 futures rose to an all-time high of 4236, and Nasdaq recovered to 13749.

Metals

Precious metals price raced higher as the dollar tumbled. The heightened chances of the Federal Reserve keeping its policy settings in place after the jobs report disappointment boosted demand for gold. The price of a gold ounce rose to $1843, the highest since early February, the price of a silver ounce rose to $27.83, and palladium recovered to $2948.

Oil

Oil prices kicked off the week on a stronger note following a cyber-attack that forced a shutdown of one of the most critical pipelines in the United States. Colonial Pipeline, the U.S. largest fuel pipeline operator has to shut a network supplying eastern states with more than 2.5 million barrels of gasoline and other fuels per day. The White House is trying to support, putting an end to the attack. The West Texas Intermediate crude June delivery rose to $65.73, and Brent blend July delivery advanced to $69.18.

Major Economic Events

GMT Country Event Expectation Previous

8:30

EZ

 Sentix Investor Confidence (May)

14.0

13.1

 

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