Home Markets Futures positive after US employment data.

Futures positive after US employment data.

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Futures positive after US employment data.
  • US economy created 431,000 jobs in March.
  • Stock markets rebound modestly after Thursday’s drop.
  • Treasury bond yields rise, supporting the dollar against G10 currencies.

The futures of the main Wall Street indices point to a recovery after the fall on Thursday. In Europe, most stock markets operate in the green. US data is not surprising and skepticism continues over the talks between Ukraine and Russia.

soft green

The US labor figures did not generate a major impact on the stock markets. After closing on Thursday with a fall of 1.57%, the S&P 5000 points to an opening with gains of around 0.34%.

The US jobs report showed non-farm payrolls rose by 431,000 in March, below the 490,000 expected by market consensus. On the positive side, the figure for February was revised upwards (from 678,000 to 750,000) and the unemployment rate fell to the lowest since February 2020, despite the rise in the labor participation rate.

The data prompted dollar and Treasury bond yields, albeit moderately. The overall impact of the employment figures was limited, possibly due to the lack of surprises and at the same time, because the focus is on other events.

The rise of the dollar occurred against the currencies of the G10, since against those of emerging markets it maintains a negative bias. The ones with the best performance are being those of Latin America. Metals are under pressure and oil confirms modest losses, with WTI down 1%.

The news about the invasion Ukraine, China COVID and monetary policy expectations remain key for traders. US manufacturing activity data (ISM and Markit PMI) will be released later on Friday.

Technical levels

Source: Fx Street

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