The mode in the market has been slowly flipping from fear to greed and a shock jump in US employment sent it into overdrive. USD/JPY jumped to 109.75 from 109.25 on the headlines and it stuck around there most of the day.
The major US stock indices closed sharply higher after the much better-than-expected employment report.
For the week, rotation into to Dow stocks was the storyline.
– EUR long 81K vs 75K long last week. Longs increased by 6K
– GBP short 36K vs 22K short last week. Shorts increased by 14K
I guess people spend a lot going out for dinner and a movie….
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The London Financial Times is reporting that UK Chancellor of the Exchequer Sunak is reportedly delaying is stimulus plan until the autumn. The expectations for an emergency sellers budget have been lowered.