Long-Term Interest Rates Plummet Stock Prices Rise

In the New York foreign exchange market, the dollar softened. US employment statistics have fallen short of market expectations, which has receded expectations that the Federal Reserve will start tightening monetary policy early.

According to the May employment statistics released by the Ministry of Labor, the number of non-farm payrolls increased by 559,000 from the previous month, showing steady growth, but did not reach the market forecast of 650,000.

“The growth in employment was a bit disappointing,” said Edward Moya, senior market strategist at OANDA, indicating that the Fed does not have to rush to start tapering. Pointed out. “News that are bad for the economy are good news for the ultra-easy Fed,” he said.

Jocelyn Pake, an economist at the National Bank of Canada, said US non-farm payrolls are still 7.6 million below pre-coronavirus levels, given May growth. Pointed out. “There is still a long way to go for the recovery of the US labor market,” he said.

In late trading, the dollar index against the six major currencies fell 0.38% to 90.135. At one point, it was the highest price in three weeks.

“There is some negative flow towards the dollar as we enter the weekend, which will be carried over to trading in Asian time at the beginning of the week,” said Eric Brager, head of Forex Strategy at the Bank of Canada. There is a possibility. ”

The euro was up 0.31% against the dollar at $ 1.21650. The yen was 109.505 yen, down 0.71% against the dollar.

Bitcoin, a crypto asset (virtual currency), fell 5.3% to $ 37,155.27. Ether was down 4.2% to $ 2697.43. Tesla’s CEO, Mask, suggested a “separation” from Bitcoin, which led to the sale.