USD Advances with Job Data Release
The U.S. dollar index quickly advanced when the U.S. employment data were released.
Futures remain in a 14-day congestion pattern.
The fundamentals and technicals remain supportive to the U.S. dollar.
STOCK INDEX FUTURES
Stock index futures are mixed and are holding up well for the news.
Nonfarm payrolls in January increased 353,000 when up 170,000 was expected.
Private payrolls were up 317,000 when an increase of 142,000 was anticipated.
Manufacturing payrolls increased 23,000 when a gain of 5,000 was estimated.
The unemployment rate was 3.7% when 3.8% was forecast.
Average hourly earnings were up 0.6% when a gain of 0.3% was expected, and the average work week was 34.1 when 34.4 hours was predicted.
The 9:00 January consumer sentiment index is predicted to be 78.8, and the December factory orders report is predicted to show a 0.4% increase.
The fundamentals and technicals remain supportive to stock index futures.
INTEREST RATE MARKET FUTURES
Futures declined when the stronger than expected U.S. employment report was released.
Federal Reserve Chair Jerome Powell will appear on a television program this Sunday and will discuss inflation risks, expected rate cuts and the banking system, among other timely topics, according to the network.
Financial futures markets are predicting there is a 17% probability that the Federal Open Market Committee will lower its fed funds rate by 25 basis points at the March 20 meeting and an 83% chance that the Fed will keep rates unchanged.
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