Exposure rates of the Dorval Asset Management Range – 5th July 2019

The much-awaited US non-farm payroll figures came out ahead of consensus expectations in June, as the economy added 224,000 new jobs vs 160,000 expected and 72,000 the previous month.

Meanwhile, April and May stats were revised down slightly. The private sector created 191,000 jobs in June, including 17,000 in manufacturing (cf. chart 1). All eyes were on these numbers less than four weeks from the next FOMC meeting and after the strong rally on treasuries since November 2018, which stepped up a pace again in late June, pushing the US 10-year below the 2% mark (cf. chart 2).

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