Treasuries Rise Despite Disappointing Data
A disappointing January
Employment Report showed the economy
added less jobs than expected. The Department of Labor reported that Non-Farm
Payrolls rose by 193,000, well below the 275,000 forecast
(report).
The Institute of Supply Management report on service
sector business activity also came in below expectations
(report).
The only bright spot among today’s data was the Department of Commerce report on
Factory Orders, which showed growth slightly above expectations
(report).
Treasuries sold off sharply following the jobs data,
hitting their lowest levels since mid-November, but recovered throughout the
session to close slightly higher. Treasuries posted a small loss for week.
Today’s news was a boost to the US Dollar which gained versus the Euro and Yen.
All the energies closed higher. Crude Oil hit a
3-week low before rallying late in the session. Today’s rally was not enough to
prevent Crude Oil from recording a slight decline for the week, ending at
$65.37.
In the metals, it was the industrials that stood out
today with Copper, Lead and Zinc hitting new record highs. Gold dropped more
than $5 after hitting a new contract high yesterday.
Non-Farm Payrolls Up 193,000 In Jan.; Unemployment Rate At 4.7% (report).
January Michigan Consumer Sentiment 91.2
ISM Non-Manufacturing Index Down To 56.8 In Jan. (report).
Factory Orders Up 1.1% In Dec. (report).
Ashton Dorkins
Looking for ways to
improve your trading? Checkout TradingMarkets
Upcoming Training Classes.