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Initial Equity Downside Fully Reversed on Status Quo NFP

CROSS ASSET
  • The e-mini S&P drops around 40 points in the immediate reaction to nonfarm payrolls release, slipping to print 3711.00 before fully reversing and erasing the entire drop.
  • Fed rate hike expectations for December little changed, with a 75bps move still partially priced.
  • All-in-all a status quo NFP report, with little in the details to tip the FOMC in either direction on policy.
  • The USD Index remains lower on the session, keeping EUR/USD just below the $0.9800 handle.

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