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  • Italian PM Conte convenes cabinet for Tuesday to inform ministers he is resigning - Cabinet office $EUR Confirming earlier reports
  • Gains on $WTI Crude have stalled out this month below $54.00. The commodity is currently trading around $52.30 after falling to a two-week low late last week. $OIL $USO
  • No notable reaction in BTPs given that resignation from Conte has been touted earlier in order to put together a new government. Also, a resignation does not necessarily mean that a snap election will be the next step as of yet.
  • The retail speculative crowd is throwing around serious weight with GameStop today, but its appetites have been showing through with the likes of Tesla and FAANG before that. The Broader $NDX to $SPX ratio seems to similarly exhibit the charge:
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in GBP/JPY are at opposite extremes with 66.51%. See the summary chart below and full details and charts on DailyFX:
  • AUD/USD still tracks the opening range for January amid the limited reaction to Australia’s Employment report. Get your $AUDUSD market update from @DavidJSong here:
  • The focus will shift as to whether Conte will search for a new parliamentary majority As a reminder, PD Lawmakers noted that they would guarentee support for Conte as head of new government if he resigns $EUR
  • Italian PM Conte is expected to resign as early as Monday - Officials $EUR
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Gold: 0.13% Oil - US Crude: -0.19% Silver: -0.47% View the performance of all markets via
  • BoE Governor Bailey: - Digital innovations in payments are here to stay - Haven't yet landed on the appropriate design for a lasting digital currency - Doesn't think cryptocurrencies are lasting yet #BoE $GBP
US Dollar Whipsaws on Soft Non-Farm Payrolls Report

US Dollar Whipsaws on Soft Non-Farm Payrolls Report

Justin McQueen, Analyst

US Dollar Analysis & News

  • US NFP Softer Than Expected, USD Whipsaws
  • Data Reaffirms Need for COVID Relief

US NFP Softer Than Expected, USD Whipsaws

US NFP headline at 245k, notably missing expectations of 460k, while the prior reading had been revised lower to 610k from 638k. Elsewhere, the unemployment rate dipped to 6.7%, although, this is likely due to the 0.2ppt drop in the participation rate. The initial market reaction has been choppy with the USD dipping ever so slightly before retracing, while the S&P 500 had whipsawed.

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Data Reaffirms Need for COVID Relief

Heading into the release, market participants had been gearing up for a softer reading, given the recent soft run of labour market data. This was particularly evident in the ISM Manufacturing PMI, which saw the employment subcomponent fall back into contraction territory. To that end, the data largely reaffirms the case that the Fed will remain accommodative with expectations that the Fed will tinker its weighted average maturity of bond purchases at the upcoming meeting. Alongside this, the reading will also see calls grow louder for the need of further COVID relief, which in turn has seen US yields jump to session highs.

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US Dollar Whipsaws on Soft Non-Farm Payrolls Report

USD vs US 10Y Yield

US Dollar Whipsaws on Soft Non-Farm Payrolls Report

Source: Refinitiv

What is NFP and How is it Traded

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