Dollar Rises, Bonds And Gold Fall
The Employment Report
showed the US economy added 243,000 jobs in February (report).
The number beat the consensus estimate of 220,000, although January’s number was
revised downward to 170,000 from the 193,000 originally reported.
January Wholesale Inventories
rose less than expected (report)
and the US Budget Deficit was $119.2 Bln in February.
Treasuries initially spiked higher following the jobs report before selling off
sharply. The 10yr, 5yr and 2yr T-Notes closed lower for the third consecutive
week. The yield on the 10yr hit the highest level since June 04 and the yield on
the 5yr hit the highest level since April 02.
Interest rate futures are now pricing in 5% Fed Funds in May and 5.25% in June
is beginning to look possible.
The news helped send the US Dollar higher versus all the majors
Gold moved in the opposite direction, losing more than 1% to close the worst
week in 15-months.
In the energy market, Crude Oil (-0.84%), Unleaded Gas (-1.86%) and Heating Oil
(-2.06%) closed lower. Natural Gas (+0.68%) closed higher.
Non-Farm Payrolls Up 243,000 In Feb. (report).
Wholesale Inventories Up 0.1% In Jan. (report).
Feb. US Budget Deficit $119.2 Bln.
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