Strong jobs report gives Fed reason to hold off on rate cuts, impacting dollar and bonds

The monthly jobs report was released today, causing a spike in equity futures and a jump in the Nasdaq. The strong jobs number surprised many, but doesn’t indicate a trend of significant job growth. This report may prevent Powell from rushing to lower rates, leading to a rise in the dollar and a drop in bonds. Precious metals are struggling due to the strong dollar, while the market for bitcoin and other cryptocurrencies shows a curious pattern of selling off between sessions. Despite light positioning, the report’s impact has left room for re-entering selected shorts in the market.

Read more at Investing.com: Fed Gets Breathing Room as Labor Market Holds Firm