Markets:
- Gold up $26 to $4003
- WTI crude oil up 35-cents to $59.78
- US 10-year yields flat at 4.09%
- S&P 500 up 0.1%
- Bitcoin up 2.4% to $103,557
- CAD leads, JPY lags
A second consecutive non-farm payrolls report was cancelled on Friday as the federal government shutdown continues however there’s some hope for progress on the weekend as lawmakers assembly in Washington and float some proposals. There’s nonetheless loads of digging in and bluster however not less than there appears to be motion with meals stamps and a few flights being cancelled.
The temper early within the day was poor and inventory markets bought off onerous, with the underside coming at midday ET as Europe went residence. Tech led the droop with the Nasdaq falling as a lot as 2%. From there, the dip consumers began to weigh in but it surely wasn’t till late within the day that sturdy shopping for kicked in and introduced the S&P 500 into slight constructive territory and left the Nasdaq with simply at 0.2% loss. It was nonetheless a troublesome week for the NQ, down 3% however not almost as dangerous because it as a number of hours in the past.
In FX, the US greenback hit the lows of the day after a comfortable UMich survey and a few dovish inflation numbers within the NY Fed survey. That noticed December minimize odds tick up and lifted the euro as excessive as 1.1591.
The large winner on the day was the loonie on a second consecutive very sturdy jobs report. The kneejerk took USD/CAD right down to 1.4060 from 1.4110 after which the flip in threat urge for food dragged the pair right down to 1.4030.
Gold briefly jumped on what virtually regarded like a fats finger because it climbed $35 rapidly. It promptly gave all of it again although and is winding down the week proper on the $4000 degree, which is true the place it began.
