The money merry-go-round takes another spin following US jobs report
Was the jobs report good or bad?
It was a bit of both. There's relief that it wasn't another shocking headline number and even the crappy revisions were soon glossed over. All the market wanted to know was if March was a one off. That's been confirmed. Despite turning back up there wasn't much else in the report that screamed rate hikes
That wages are still dragging their feet is perhaps one of the bigger reasons why (as Adam pointed out) the market is pushing back their rate expectations. It's sent the market scurrying back into stocks and bonds once again and it seems like the market thinks it can squeeze a bit more out of the rallies in both before rates go up.
It's a tough one to put your finger on, and such big moves in both bonds and stocks today will need to be confirmed over the next few sessions. Even so, for FX it could mark the start of a resumption in trend and the currency that has the most to lose is the euro as the ECB keeps pumping
