Concerns over the US labour market were dispelled overnight, as US Non-Farm Payrolls beat expectations. The downside to the good news, is that the Fed will be less likely to cut rates, as advocated by the Whitehouse. The Congress has processed the ‘Big Beautiful Bill’ and it looks as though it will be signed into law. This will avoid any legislative catastrophes that could destabilise markets. US equities reached further record historical highs, while bond yields bumped higher, following the NFP’s number. The EUR was steady, trading 1.1750, while the GBP drifted to 1.3640.Commodity currencies held the line, with the AUD trading above 0.6550, while the NZD softened to 0.6060. The US deadline for trade deals expires on 9th July, so expect an action-packed week on markets, unless Trump extends the deadline.
