Stocks, JPY, Yields Correlation Restored
Today's US jobs report was mostly neutral-to-negative and its dynamics will not do the job to sway the Fed into raising rates in June. The chart below shows how easily-beaten corporate earnings were able to lift the S&P500 in March-April, making a break away from the positive correlation with US 10-year yields and USDJPY. But the last 2 weeks have seen a normalisation as equities fell back in line. Full article.
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