- The NFP report showed +196k employment (consensus +180k)
- Wage growth slowed to 3.2% y/y (expected 3.4%)
- US indices rise, EURUSD mixed
The NFP report showed a “normalization” of employment growth with a growth of 196k after a very weak February when employment nudged up by just 33k (revised from +20k, the lowest reading in 17 months). However, lower wage growth (3.2% vs 2.4%) is a clear negative for the US dollar – it reduces pressure on the Fed. For the same reason stocks are reacting in a positive way with the US500 surging to the fresh 2019 high.
US500 reacted positively to the NFP report and is less than 60 points from all time highs! Source: xStation5
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