Connect with us

Hi, what are you looking for?


Dollar And Yields Surge, While Stocks Rise Following A Stunning US Jobs Data

Job Seekers In U.S. 2023: Applicants For Free Labor Photo From: iStock

Treasury yields spiked, the currency strengthened, and global markets rebounded on Friday following an explosive jobs data from the United States that dashed hopes of a short-term rate decrease and emphasized a robust economy.

High Inflation

According to the Labor Department’s Bureau of Labor Statistics, nonfarm payrolls rose by 353,000 jobs in January, about twice as many as predicted by Reuters-surveyed experts.

The yield on the benchmark 10-year Treasury note surged above 4%, and the dollar appreciated versus all major currencies as employment growth exceeded forecasts and average hourly wages grew by 0.6% following a 0.4% increase in December.

The information was released following the Federal Reserve’s denial on Wednesday that rates would be dropped anytime soon, despite Chair Jerome Powell’s warning that inflation was “still too high.”

“This is just another example of how the market has been terribly wrong about the near-term trajectory of Fed policy,” stated Kevin Gordon, senior financial strategist at Charles Schwab in New York.

Job creation appeared to be accelerating in the jobs report, contrary to the trend of declining employment growth, particularly toward the fourth quarter of the previous year, according to Joseph LaVorgna, chief U.S. economist at SMBC Nikko Securities America.


US Jobs

Source: Yahoo Finance

A large selloff in the Chinese market was dismissed by investors as the result of less than anticipated government stimulus.

With the Shanghai Composite down 1.5% on the day and 6.2% for the week—its biggest weekly loss since October 2018—the blue-chip CSI300 fell to a five-year low.

A measure of the US dollar against six other currencies, the dollar index, surged 0.84% to a seven-week high, while the euro fell 0.74% to $1.0792. The yen dropped 1.26% against the dollar to 148.31.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like


Texas man Eduardo Arevalo confessed of strangling his pregnant sister for being an “embarrassment” to the family in 2019. Texas Man’s 8 Months Pregnant...


Even though the last wave of the federal government stimulus checks was distributed over two years ago, at least three distinct states are still...


The US is expected to distribute further stimulus funds through a variety of initiatives. Direct cash, tax refund, or some other kind of assistance...


Cameron Wright, a 22-year-old was sentenced with 55 years in prison for killing, dismembering and throwing girlfriend’s body at separate locations according to his...