Daily digest market movers: DXY soars as labor market data exceeds expectations
- The US Bureau of Labor Statistics (BLS) announced an increase of 303K in March jobs, which greatly surpassed the expected 200K.
- February's previous NFP growth of 275K was revised downward to 200K.
- There was a minor drop in the Unemployment Rate from 3.9% to 3.8%.
- The Labor Force Participation Rate witnessed a slight bump from 62.5% to 62.7%.
- The annual rate of wage inflation, illustrated by Average Hourly Earnings, was adjusted down to 4.1%, aligning with forecasts.
- Regarding the Fed’s stance, officials from the Fed are advising patience before decreasing rates, delivering a mild reinforcement for the USD.
- Regardless of this, the market continues to project a June rate cut at around a 70% likelihood, followed by an approximated total easing of roughly 75bps this year.
- US Treasury yields are rising with the 2-year yield at 4.70%, the 5-year yield at 4.35%, and the 10-year yield at 4.36%.
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