<ul><li><a href="https://www.forexlive.com/news/us-weekly-initial-jobless-claims-211k-vs-195k-expected-20230309/">US weekly initial jobless claims 211K vs 195K expected</a></li><li><a href="https://www.forexlive.com/centralbank/bank-of-canadas-rogers-need-to-see-more-evidence-to-fully-assess-if-rates-high-enough-20230309/">Bank of Canada's Rogers: Need to see more evidence to fully assess if rates high enough</a></li><li><a href="https://www.forexlive.com/centralbank/bocs-rogers-falling-canadian-dollar-would-put-upwards-pressure-on-inflation-20230309/">BOC's Rogers: Falling Canadian dollar would put upwards pressure on inflation</a></li><li><a href="https://www.forexlive.com/news/preview-february-non-farm-payrolls-by-the-numbers-20230309/">Preview: February non-farm payrolls by the numbers</a></li><li><a href="https://www.forexlive.com/news/us-treasury-auctions-off-18-billion-of-30-year-bonds-at-a-high-yield-of-3877-20230309/">US treasury auctions off $18 billion of 30 year bonds at a high yield of 3.877%</a></li><li><a href="https://www.forexlive.com/centralbank/household-net-worth-increased-by-29-trillion-in-4q-20230309/">Household net worth increased by $2.9 trillion in 4Q</a></li><li><a href="https://www.forexlive.com/news/us-mortgage-rates-continue-to-tick-up-rising-to-673-from-665-prior-20230309/">US mortgage rates continue to tick up, rising to 6.73% from 6.65% prior</a></li><li><a href="https://www.forexlive.com/Cryptocurrency/feds-barr-crypto-still-potentially-transformative-but-needs-appropriate-guardrails-20230309/">Fed's Barr: Crypto still potentially transformative but needs appropriate guardrails</a></li></ul><p>Markets:</p><ul><li>Gold up $17 to $1830</li><li>US 10-year yields down 7 bps to 3.90%</li><li>US 2-year yields down 19 bps to 4.87%</li><li>WTI crude oil down $1.13 to $75.52</li><li>S&P 500 down 73 points to 3918</li><li>JPY leads, CAD lags</li></ul><p>Traders were expecting a routine pre-NFP day with little on the economic calendar. The initial jobless claims report ticked to the highest since Christmas and that led to some bids in risk assets initially but a short time later the wheels came off the market.</p><p>The problems started in fixed income and were also reflected in a slump in USD/JPY. The front-end of the curve rallied and that initially looked like FOMO for 5% rates but then some kind of panic hit. Perhaps it's pre-NFP angst and that would make plenty of sense but it's not the only big data point the market's ever seen.</p><p>So what else is there? Some were eyeing a deep selloff in US financials after Silicon Bank raised capital via an equity sale. It's a stretch but there are fears that the tech bust could bleed into financial losses.</p><p>Aside from that, you'll have a tough time pinning down what happened.</p><p>To be fair, the FX market took it in stride with some bids in low yielders but nothing dramatic otherwise. USD/CAD pushed to a new cycle high as oil prices slipped, on Rogers' comments and BOC follow-through. </p><p>The BOJ is up next and then it's onto the jobs report.</p>
This article was written by Adam Button at www.forexlive.com.
Source link
