Recent price action not so convincing
Last week's market performance has left investors puzzled and hesitant, prompting a warning of caution. The monetary policy landscape is clearly diverging, with the Federal Reserve inching closer to considering a pause, while other major central banks maintain their focus on the possibility of higher rates. This has fuelled a broad-based sell-off of the US dollar and a surge in demand for stocks. However, a strong US jobs report, which exceeded expectations and included higher-than-forecast hourly earnings, has raised concerns that the Fed may adopt a more hawkish stance in the future.
While positive news on US earnings and a lack of negative developments in the banking sector may have diverted the market's attention, we believe that a robust jobs report, coupled with higher hourly earnings, should not be taken lightly. It may prompt investors to reconsider selling stocks and buying back US dollars.
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