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Stocks Top Resistance to Hit New Alltime Highs Post-Payrolls

DATA REACT
  • After a sluggish initial reaction, markets have begun to react positively to the higher-than-expected payrolls release, with the e-mini S&P topping the first resistance at 4322.15 to hit new alltime highs.
  • The USD initially traded firmer, before reversing against most others to trade weaker. EUR/USD is now 40 pips off the day's lowest levels while US treasury yields are settling very slightly below pre-data levels.
  • Mixed response to the release given the higher than expected headline being countered by an unexpected 0.1ppts rise in the unemployment rate, although the underemployment rate fell another 0.4ppts.
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