He promised that he will make America great again - well the February jobs growth data was something Trump was not going to let go without his customary tweets. He tweeted "235000+" which is above forecast with construction jobs gaining 58,000 continuing the upward trend from the beginning of 2017. Mining, manufacturing also maintained strong growth and the total industrial jobs added 95,000 during the month.
The numbers almost make it a near certainty that the US Fed will increase rates when they meet tomorrow US time. Markets are certainly expecting the rate rise with 10 year US Treasuries rising further to 2.57%. Local bond market also rose with the 10 year Commonwealth closing at 2.94% and the spread at 37 basis points compared to about 55 basis points in October last year.
The numbers almost make it a near certainty that the US Fed will increase rates when they meet tomorrow US time. Markets are certainly expecting the rate rise with 10 year US Treasuries rising further to 2.57%. Local bond market also rose with the 10 year Commonwealth closing at 2.94% and the spread at 37 basis points compared to about 55 basis points in October last year.
market data
| Australia Cash rate Australia 90 day bank bill Australia 10 y bond US 10y Govt bond AUD/USD AUD/EUR AUD/JPY AUD/CNY ASX 200 S&P 500 Dow Jones Shanghai Composite Brent Oil (USD per BBL) Gold Spot (USD per oz) Iron Ore | As at 10-Mar 1.50 1.75 2.94 2.57 0.7522 0.7098 86.76 5.1983 5811 2372 20902 3212 51.37 1206 86.44 | As at 3-Mar 1.50 1.79 2.83 2.48 0.7562 0.7188 86.28 5.2170 5729 2383 21005 3218 55.90 1226 87.57 | 1 year ago 2.00 2.33 2.67 1.98 0.7488 0.6705 85.02 4.8591 5166 2022 17213 2810 40.39 1250 57.02 |
The comparison with last 12 months shows some interesting statistics. ASX 200 rose by 12.4% but trumped by the rise in Dow Jones by a whopping 21.4%. Iron ore prices jumped by 51.5% and the AUD strengthened against the EURO by 5.86%. The Commonwealth 10 year bond yields rose by 10.1% but in comparison the 10 year US treasury yields rose by 29.7%.
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