US SESSION

• US Non-Farm Payrolls Stronger +531k

• US Unemployment rate dips to 4.6% from 4.8% previously

U.S. Non-Farm Payrolls printed much stronger than expected at +531k from talk of +425k. This saw the Big Dollar scream higher briefly, before Friday afternoon profit-taking trimmed gains and moderated interest.

The Dollar ended the session broadly firmer against all of the majors.

US stocks were also firmer on the news, with the Russell broader market index hitting a new historical high. Interestingly, bonds were also firmer (bonds usually trade inversely to stocks), but bonds lost their bid into the close.

The S&P500 and the NASDAQ both closed the session at record highs.

This better than consensus report has seen the yield curve price in rate hikes nearer than was expected, with the market recently expecting little movement on rates after and amid the COVID pandemic.