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The indexes on Wall Street continue to rise after the NFP report. Both the US500 and US100 are trading at new historic highs. The report reinforced expectations for Federal Reserve interest rate cuts, with swaps predicting a full two rate cuts in 2024.
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The US100 is gaining 1.20% above the 20600 point level and the US500 is gaining 0.50% above the 5610 point level. Markets are now pricing in a 75% chance of a first 25bp cut at the 18 September meeting and a full two cuts by the 18 December meeting.
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Data from the US pushed 10-year bond yields to 4.27%, virtually erasing the late June highs.
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The US dollar and the Canadian dollar are the weakest currencies among the G10 today. They are down between 0.2-0.5% against the other currencies.
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Data from the Canadian labor market shows a surprising decline compared to economists' expectations. Instead of the expected 25,000 increase in employment, a decline of -1,400 was recorded. The disappointing data sends a signal of weakness in the Canadian labor market, resulting in increased supply of the Canadian dollar. The EURCAD pair is gaining 0.35% today.
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European equity indices ended the session on slight downside. The CAC40 loses -0.3% ahead of the second round of the French election, Italy's IT40 loses 0.4% and the Europe Stoxx 600 falls -0.2%. The German DAX is maintaining only slight gains of more than 0.1%.
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The grain market saw strong gains today. Wheat futures are up 2.3%. Corn futures are also up (+0.9%). The weekly consolidation zone was also broken by coffee futures, with an increase of more than 3%.
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The strong end to the week continued for precious metals. Gold gains 1.3% today, silver 2.8% and platinum is up 3.2%. Metal valuations are bolstered by falls in the dollar and increased anticipation of potential interest rate cuts.
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Gas continues its downward trend this week, falling to its lowest since early May. Gas prices have already fallen by more than 21% since their June highs.
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Bitcoin reduced some of its declines following the publication of the US NFP report. The panic in the cryptocurrency market started in the first part of the day after news that the collapsed Mt. Gox exchange had started distributing funds. At the extreme, Bitcoin was trading down 7% to US$53800.
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