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Initial USD Rally Falters on Mixed NFP Report

CROSS ASSET
  • Instant rally in the USD puts USD/JPY at daily highs of 139.45 before moderating - US 10y yields add ~4bps in response as gold comes under immediate pressure.
  • Beat on the headline (alongside positive revisions) somewhat countered by a rise in the unemployment rat and AHE comes in a touch soft. E-mini S&P erases the initial dip to trades broadly inline with pre-data levels.

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