Bunds hit target off 118 and is now trading well below, Euribors have come of 25 Ticks, dollar has strengthened and stocks went up as non farm payroll numbers came out at -345000 jobs lost as opposed to expectations of a 500k plus job loss.
Its been an extremely busy days with very heavy volumes across the board.
Euribor spreads traded really nicely, trading in a range, whilst very good liquidity made it easier to trade.
Stock initially soared but then gave back all of its gains as conflicting data put doubt into the validity of these numbers. Although jobs lost was less then expected, the unemployment rate was more at 9.4% as opposed to an expectation of 9.2%.
Thing logically, something just seems wrong then, how could the umemployment rate be higher when less jobs then expected were lost.
Something doesn't quite add up! Well that could explain the retracement of these markets from its highs combined with a bit of profit taking given the huge run up.
Still 9000 looks more likely now, as the path of least resistance seems up, we have had an unprecedented run up in global markets and as of now it does seem like it will let up.
Next week should be interesting as the dust will settle given all the news this week.
Have a nice weekend.
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