We saw some big headline numbers out of the US with the NFP print coming out at +313k against the market expectation of +205k, however, the Average Hourly Earnings numbers and Unemployment Rates both came out 0.1% worse than expected. As usual we saw some swift moves after the data release and the dollar had a very short rally before retreating for the rest of the session. The equity markets finished up the session nicely in the black with the Dow, the S&P and the Nasdaq all up around 1.8%.
In the currencies, the Aussie was among the best performers as risk as commodity prices came back better bid and ‘risk on’ trades came back into play with the stronger equity market.
Looking ahead to today’s trading and with very little due out in terms of fundamental data, the market will continue to digest Friday’s data and all that has hit the news wires since. The Asian markets are priced into start the day on the front foot and traders will be looking to pick up risk currencies on the dip while the current sentiment remains. Once again the risk for change in that sentiment comes from the news wires and traders will be keeping an eye on them as the day progresses.
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