- Non-Farm Payrolls disappointed expectations.
- The Dollar falls and Treasury bond yields soar.
- Dollar Index falls to one-month lows below 105.30.
The weak US jobs report caused a strong reaction in the markets, and the Dollar (USD) fell hard. The Dollar Index falls 0.80%, its worst result in months, while Wall Street futures point to a positive opening, prolonging the recovery.
In October, the US economy added fewer jobs than expected, with 150,000 jobs versus the expected 180,000. The unemployment rate unexpectedly rose from 3.8% to 3.9%.
Following the report, US yields plummeted. The 2-year yield fell from nearly 5% to 4.85%, while the 10-year yield fell from 4.64% to 4.55%. Wall Street futures rose and commodity prices soared, but then pared some of their gains.
The Dollar Index (DXY) fell from 105.90 to 105.25, reaching its lowest level since September 20. The DXY remains near daily lows and is under pressure. The next support level lies at 105.10, followed by 104.65.
On a weekly level, the DXY is seeing its biggest drop since July, breaking a four-week pattern of range-trading and correcting further from the year-to-date high at 107.34 (October 3 high).
Technical levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
