Our Urgent Market Update reviews important real-time market developments and their impact on high-probability trading opportunities. Today, we have a detailed look into this month’s massive upside surprise again for the US economy and ask what this means for these financial markets.

Firstly, it is important to acknowledge the impact the three previous US jobs data points this week have had on prices. In brief, on Tuesday, we saw Jolt Job Opening numbers surprise to the upside leading to further selling. On Wednesday, we saw ADP numbers disappoint to the downside leading to significant buying. On Thursday, US Unemployment numbers came in line with expectations leading to largely sideways moving markets. So when today’s US NFP numbers dropped we saw 336k jobs added to the US economy versus 171k jobs expected.

This is yet another massive upside surprise. One that we think is likely to mean the FED will raise rates again in November and will likely keep these rates much higher for much longer than the markets initially anticipated. As a result, our bias is likely to be bearish for US and EU Indices and bullish for the USD until something significant changes as always.

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