1 Minute Market Rundown – 5th December 2022

Strong NFP Shrugged Off
USD Sells Off Again But Lacks Fresh Momentum
Crypto Remains Steady

Friday saw Non farm payrolls beat all estimates to the topside. The USD initially rallied over 1 percent against the majors and stocks sagged. Then a lack of follow through supposed me, and many others as a reversal took place. We have opened this morning at fresh recent highs for Euro and GBP which I find really hard to get onboard with. The market appears to be focused on Powell’s comments about slowing the pace of hikes, which can be a short term boon. The fact the jobs market is so resilient will sadly only reinforce calls for a higher terminal rate and higher rates for longer. I suspect the move today will run out of steam and with little on the calendar the ingredients for a quiet week are all there.

Asian stocks have rallied strongly overnight on the relaxation of some covid rules. These are pigeon steps but steps nonetheless. Interestingly European and US stocks futures have not followed through which indicates we are in full Xmas market mode. Crypto continues to tentatively remain bid, inching its way higher whilst not really catching the limelight. I hope this is the start of an Xmas rally in the absence of any more dramatic bad news. Sadly my fear is the rally in all markets is based on hope rather than reality and for me fading the rallies is the sensible play.

As we approach Xmas this report will become more sporadic as and when we get news or significant events. Keep an eye out for our “year in review” and “2023 predictions” specials reports to come.

Good luck as always!

Richard Usher – Head of OTC Trading

Richard Usher

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