Forexlive Americas FX news wrap 2 May: US jobs continue to support solid employment ...Middle East

S&P index closes up for the 9th day.Goldman expects OPEC plus to announce 0.41M BPD increase for JuneANZ: Gold pullback creates attractive re-entry opportunity towards $3,600/ozIt's been a long time since the S&P 500 was up this many days in a rowOPEC+ discussing a production increase of 400K barrels per dayMajor European indices close higher. Another solid week for the major indicesECBs deGuindos: ECB can be optimistic on inflationWall Street Journal: Beijing weighs Fentanyl offer to US to start trade talksCanada's Carney to pick cabinet May 12Goldman Sachs pushes Fed rate cut call to July from JuneCanada's Carney will travel to the White House on TuesdayUS March factory orders +4.3% vs +4.5% expectedWhat happened to the trade deal that Kevin Hassett said was coming yetserday?June Fed cut odds sink after the jobs reportUS April non-farm payrolls +177K vs +130K expectedForexLive European FX news wrap: Japan draws line on tariffs, dollar down ahead of NFPWhat Big Tech Earnings Hint About Nvidia Stock

Gold down $4.80 or -0.15% at $3234.11WTI crude oil down $0.74 or -1.29% at $58.50

In the US stock market, the S&P closed higher for the ninth consecutive day. For the trading day:

Dow industrial average rose 564 points or 1.39% at 41317.43S&P index rose 82.54 points or 1.47% at 5686.65.NASDAQ index rose to 66.99 points or 1.51% at 17977.73

Dow industrial average rose 3.00%S&P index rose 2.92%NASDAQ index rose 3.42%

in the US debt market, yields moved higher after the better-than-expected US jobs report and solid factory orders:

2 year yield 3.823%, +12.3 basis points5 year yield 3.914%, +10.2 basis points.10 year yield 4.306%, +7.5 basis points30 year yield 4.787%, +5.1 basis points

Non-farm payrolls: +177K (vs. +130K expected; prior revised to us 185K versus 228K previously reported

Unrounded unemployment: 4.1872% (vs. 4.1519% prior)

Private payrolls: +167K (vs. +125K expected; prior revised to +170K versus 209K)

Government jobs: +10K (vs. +19K prior)

Average hourly earnings (m/m): +0.2% (vs. +0.3% expected; prior +0.3%)

Average weekly hours: 34.3 (vs. 34.2 expected; prior 34.2)

Total household employment: +436K (vs. +201K prior)

Part-time jobs: +56K (vs. +247K prior)

Two-month net revision: -58K (vs. -8K prior)

In the forex market: the dollar was mostly lower. It rose modestly versus the GBP. Below are the changes of the US dollar versus the major currencies for the day:

Japanese Yen: -0.29%

Swiss Franc: -0.35%

Australian Dollar: -1.02%

Looking ahead to next week the cutie will be the Federal Reserve rate decision Wednesday. The FOMC is expected to keep rates unchanged. Other key events include:

Mon May 5 • 2:30am CHF – CPI m/m: 0.2% (prev. 0.0%) • 10:00am USD – ISM Services PMI: 50.2 (prev. 50.8)

Tue May 6 • 6:45pm NZD – Employment Change q/q: 0.1% (prev. -0.1%) • 6:45pm NZD – Unemployment Rate: 5.3% (prev. 5.1%)

Wed May 7 • 2:00pm USD – Federal Funds Rate: 4.50% (prev. 4.50%) • 2:00pm USD – FOMC Statement • 2:30pm USD – FOMC Press Conference

Thu May 8 • 7:00am GBP – BOE Monetary Policy Report • 7:00am GBP – Monetary Policy Summary • 7:00am GBP – MPC Official Bank Rate Vote: 0–9–0 (prev. 0–1–8) • 7:00am GBP – Official Bank Rate: 4.25% (prev. 4.50%) • 8:30am USD – Unemployment Claims: 232K (prev. 241K)

Fri May 9 • 4:40am GBP – BOE Gov Bailey Speaks • 8:30am CAD – Employment Change: +24.5K (prev. -32.6K) • 8:30am CAD – Unemployment Rate: 6.7% (prev. 6.7%)

This article was written by Greg Michalowski at www.forexlive.com.

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