Bulls lurking at a key hourly structure
The US dollar and yields rallied on Friday, recovering from the sharpest daily drop in more than two weeks, following the Nonfarm Payrolls blockbuster report.
The US jobs report showed a 528,000 gain in payrolls for July, beating estimates for an increase of 250,000, compared with the 398,000 increase in June. On top of that, the Unemployment Rate fell to 3.5% vs. estimates of 3.6%. Meanwhile, the average hourly earnings were up 0.5%, stronger than an upward revised 0.4% increase in June, keeping the adjusted year-over-year rate at 5.2% compared with expectations for a slowdown to 4.9%. Overall, this leaves the Unemployment Rate back to its pre-pandemic low while hourly earnings are surging. Markets are therefore revising their Federal Reserve bets higher with sharper odds of a 75bp Fed hike.
The US jobs report showed a 528,000 gain in payrolls for July, beating estimates for an increase of 250,000, compared with the 398,000 increase in June. On top of that, the Unemployment Rate fell to 3.5% vs. estimates of 3.6%. Meanwhile, the average hourly earnings were up 0.5%, stronger than an upward revised 0.4% increase in June, keeping the adjusted year-over-year rate at 5.2% compared with expectations for a slowdown to 4.9%. Overall, this leaves the Unemployment Rate back to its pre-pandemic low while hourly earnings are surging. Markets are therefore revising their Federal Reserve bets higher with sharper odds of a 75bp Fed hike.
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