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Charts That Matter – Post non-Farm Payroll

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After the anemic non-Farm Payroll (NFP) in the USA with revisions to the two previous months, risk assets have an opportunity to break through recent resistance. For emerging market ( EEM , quote ) equity markets overall this is effectively where we left off on Thursday - key resistance.

EEMvsSPY 4-3

"95 before 110" our coined phrase to indicate you have had a window to trade Dollar inverse correlated assets from the long side until the next leg of fundamental appreciation could take place. Today's payroll number has the DXY ( UUP , quote ) testing lows of 10 days ago post - Fed meeting. We think the follow through now will be clear - Dollar stays range bound at lower levels.

DXY 4-3

The Euro ( , ) is fighting today to breakout. Watch a push through 1.050 to 1.135.

The Euro ( FXE , quote ) is fighting today to breakout. Watch a push through 1.050 to 1.135.

EUR 4-3

Look at the move in rates between the USA and Europe over last 2 weeks since Fed. Similar story as differentials don't seem so one sided anymore: Quickly the US is 25bps tighter on the long end. This is another way of expressing EU equities to go higher in our view.

T10 4-3

Have a Happy Easter everyone.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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