The US economy added 253000 nonfarm payrolls in Apr, well above the estimated 181000. The unemployment rate dropped to 3.40%, the lowest level since May 1969. Average hourly earnings rose to 4.4% from 4.2%.
Global Markets reaction post Upbeat US NFP
US Dollar Index- DXY gained sharply after positive jobs data to 101.77. Overall trend- Negative. Good to sell on rallies.
Gold- Overall trend- Positive. Major weakness only below $1969. Good to buy on dips.
S&P500- Bullish- Bearish trend only below 4050. Nice trend line breakout. A jump to 4180 is possible.
