Forex, video, latest March 6, 2021 5:03 am
Forex news for New York trade on March 5, 2021:
Markets:
- US 10-year yields down 4 bps to 1.55%
- Gold up $1 to $1698
- WTI crude up $2.44 to $66.27
- S&P 500 up 73 points to 3841
- CAD leads, EUR lags
Non-farm payrolls delivered yet another whipsaw to short-term traders. It’s clear that a playbook going inside was to sell risk, sell bonds also buy a US USD on a strong report. When it came inside very strong that’s just what happened.
As a result, a US USD jumped, yields hit new cycle highs also stocks sank. That didn’t last though. At a end of a day, a strong economy is still a strong economy also even as yields rose, it wasn’t disorderly. That led to some bottom fishing at first that picked up as yields topped.
Just as things began to rebound through, a bottom fell out again as tech stocks crumbled inside part due to a 10% drop inside a ARKK ETF. That briefly pulled down everything but it also reversed a rise inside yields. inside turn, dip buyers came again also this time it sustained inside a big, slow move higher.
a moves were much bigger inside equities than inside FX but there were positive ticks inside commodity currencies late also some USD selling. CAD was particularly strong late as oil rose above $66.
has a great weekend.
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