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06 Feb 2023

Trend Reversal Rumbles Across Currency Markets

The dollar is continuing its ascent and global markets are in risk-off mode as traders unwind bets on easier monetary policy in the aftermath of Friday’s juggernaut jobs report. Futures are down sharply, Treasury yields are up, the greenback is trading near a three week high, and currencies elsewhere are on the defensive after the Bureau of Labor Statistics reported that employers added 517,000 jobs to payrolls in January, while revising previous months up. Friday’s data looks too good to be true, with seasonal adjustment issues likely playing a role – but it nonetheless showed that underlying momentum in the...

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