Markets:
Gold down $5 to $3630US 10-year yields up 3.6 bps to 4.08%WTI crude oil up 50-cents to $62.76S&P 500 up 18 points to 6513JPY leads, CHF lagsThe Bureau of Labor Statistics, showed that previous jobs reports through March were overstated by 911,000 jobs. It was the largest revision on record and cut the level of US employment by 0.6%.
The drop wasn't entirely unexpected as the economist consensus was 682K. Initially the US dollar dropped but evidently the market was braced for something even worse as the dollar quickly rebounded from the 20-pip blip on the headlines and continued steadily higher. Powell had warned at Jackson Hole that payrolls would be "revised down materially." The Fed rate path didn't reprice on news and the odds of a 50 bps cut next week actually slipped on the day.
Otherwise the market didn't have much to chew on. The US dollar steadily rose as Treasury yields ticked higher. Equities were bid into the close yet-again and the Nasdaq notched another record high.
In FX, the euro was under some pressure and that was tied back to French political drama but the euro did slightly outperform the Swiss franc.
Tomorrow we get US PPI and that will build towards Wednesday's CPI report.
This article was written by Adam Button at investinglive.com.Hence then, the article about investinglive americas fx news wrap benchmark revisions slash 911k jobs from us payrolls was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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