- Wall Street indices trade mostly higher today - Dow Jones gains 0.1%, S&P 500 trades 0.3% higher and Dow Nasdaq adds 0.4%. Small-cap Russell 2000 drops 0.2%
- USD had a volatile session today. USD jumped after 'hawkish' NFP report, but erased all the gains after ISM services print later on
- Money market pricing for March 2024 Fed rate cut dropped to around 50% after NFP report release, but has climbed back to 70% after soft ISM reading
- NFP report for December turned out to be a 'hawkish' one. Non-farm employment increased by 216k (exp. 170k), unemployment rate stayed unchanged at 3.7% (exp. 3.8%) and annual wage growth accelerated from 4.0 to 4.1% YoY (exp. 3.9% YoY)
- US ISM services index dropped from 52.7 to 50.6 in December (exp. 52.6). Employment subindex plunged from 50.7 to 43.3 (exp. 51.0), Prices Paid subindex dropped from 58.3 to 57.4 (exp. 57.3), while New Orders subindex dropped from 55.5 to 52.8 (exp. 56.1)
- European stock market indices traded lower today - German DAX dropped 0.1%, FTSE 100 and French CAC40 declined 0.4% while Dutch AEX and Spanish Ibex moved 0.2% lower. Italian FTSE MIB was outperformer with a 0.1% gain
- US Treasury Secretary Yellen said that what we are observing now can be described as a 'soft landing'
- Canadian jobs data turned out to be a disappointment. Employment increased by just 0.1k, driven by a 23.6k increase in part-time employment. Full-time employment dropped by 23.5k. Unemployment rate stayed unchanged at 5.8% (exp. 5.9%)
- US factory orders increased 2.6% MoM in November (exp. 2.1% MoM), while factory orders excluding transport increased 0.1% MoM (exp. -0.1% MoM)
- Euro area CPI inflation accelerated from 2.4% YoY to 2.9% YoY (exp. 2.9% YoY), while core CPI decelerated from 3.6% YoY to 3.4% YoY (exp. 3.4% YoY)
- Italian CPI inflation decelerated from 0.7% YoY to 0.6% YoY (exp. 0.7% YoY)
- Cryptocurrencies trade lower today as markets are still awaiting SEC decision on Bitcoin spot ETF - Bitcoin drops 1.7%, Dogecoin trades 3% lower while Ethereum declines 1.6%
- Energy commodities trade higher - Brent gains 1.5%, WTI trades 2% higher while US natural gas prices climb 0.2%
- Precious metals benefit from today's USD weakness - gold gains 0.2%, silver trades 1% higher and platinum advances 0.8%
- GBP and NZD are the best performing major currencies, while JPY and USD lag the most
USD index (USDIDX) had a volatile day, with 'hawkish' NFP and 'dovish' ISM data begin key drivers of price moves. Source: xStation5
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