Forexlive Americas FX news wrap: Solid US jobs headline, Powell says no hurry on rates ...Middle East

US January non-farm payrolls +151K vs +160K expectedCanada February employment change 1.1 K vs 20.0K estimateFed's Powell: U.S. central bank does not need to be in a hurry to adjust interest ratesQ&A from Fed's Powell: No need to redefine price stabilityWhite House examining options for easing energy sanctions on RussiaFed's Kugler: February jobs report was 'a solid number'Fed's Kugler: Sees steady monetary policy for some time on recent inflation dataMore from Fed Williams: Still thinks that the neutral rate is lower than in the 1990s:Trump: Government will explore pathways to acquire additional bitcoin holdingsTrump: We will shrink the government and grow the private sectorFed Williams: No sign of inflation expectations becoming onmooredCanada trade minister: 40% of products exported to US are free-trade agreement compliantECB's Centeno: We are almost out of woods in this inflationary cycleFed's Bowman: Labor market and economic activity to become a larger factor in disucssionsSheinbaum: If we don't put tariffs on what's coming from US, they won't put tariffs on usMexico economy minister: We have to reach an agreement about steel and aluminumMorgan Stanley cuts 2025 US GDP growth forecast to 1.5% from 1.9% prior

Gold up $1 to $2911US 10-year yields up 2.5 bps to 4.31%WTI crude oil up $0.71S&P 500 up 0.5%EUR leads, CAD lags

It was a lively week but non-farm payrolls didn't add to the drama. The headline was close to estimates and the market moves afterwards were modest. A closer look at the report showed some weakness in the household report but the market was worried about a bigger deterioration and there was something of a relief trade.

There was continued equity market selling in the US morning but that bottomed at noon and was followed a nice relief rally late to stem what was the worst week since September. USD/JPY followed that trade as it made a double bottom just below 147.00 and jumped a full cent in the final 4 hours of trading. That was helped by steady selling in Treasuries.

Tariffs and politics were the overwhelming force in markets this week and that's not going to go away as we count down to steel/aluminum tariffs next week and reciprocal tariffs on April 2.

In the meantime, it's the weekend and time to rest up for another marathon next week. Thanks for reading.

This article was written by Adam Button at www.forexlive.com.

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