How Much Do You Know About Recent Global Market Events?

Stocks rally on hot NFP report and improved banking sentiment

• Stocks rallied on Friday, with banking sentiment improving

• Regional banks surged, with the KRE ETF up 6%

• Apple surged just shy of 5% after a strong report

• Treasuries saw a big bear-flattener on the hot NFP data

• Headline jobs rose by 253k, above expectations of 180k

• Unemployment rate fell to 3.4%, despite an expected uptick

• Wages components were also hot, particularly the M/M rise by 0.5%

• Fed fund futures pricing in 73bps of cuts by year-end

• White House is weighing a short-term extension of the debt ceiling

• Bullard's comments imply his view of 'sufficiently restrictive' remains above the Fed consensus

• T-Notes troughed at 115-13+ after the US payrolls

• Oil rebounded further on Friday, but still closes the week firmly in the redForex Market Summary: Loonie and Kiwi outperform, Pound rallies, ECB policy deemed hawkish

• The Canadian dollar outpaced its US rival as a stellar Canadian LFS provided macro impetus and crude prices ended the week on a more encouraging note.

• The RBA resumed its rate hike cycle on Tuesday and reinforced its resolve to return inflation to target, causing the AUD/USD to bounce firmly from the low 0.6600 zone.

• The Pound rallied in excess of two big figures from 1.2436 to post a new 1.2650+ 2023 pinnacle, despite a terrible performance by the Tories at the UK's local elections.

• The Kiwi outperformed relative to the Aussie, topping 0.6300 vs the Buck, with much stronger than anticipated NZ HLFS metrics.

• The ECB policy event was deemed to be hawkish, eventually, as the smaller than prior point hike came with guidance for more via President Lagarde's press conference.

• Eur/USD failed to reach 1.1100 following several attempts and big option expiries were a barrier alongside weak Eurozone data.

• The Yen staged an impressive comeback from 137.77 to 133.51, but stalled when the market mood brightened.

• The Norges Bank policy meeting confirmed the 25 bp hike flagged in March and another pencilled in for next month with a more explicit acknowledgement of recent Krona depreciation.

• The BNM matched the RBA with an unexpected 25 bp hike, the HKMA kept pace with the Fed, and while the BCB and CNB both maintained rates there were hawkish vibes mixed in with dovish tones.

• The CNY welcomed back the CNH and recovered lost ground with the aid of support from the 200 DMA, and the MXN shrugged off oil spills to extend gains vs the USD, but the ZAR underperformed.

• The TRY remained weak ahead of Turkish elections despite latest CBRT efforts to shore up the Lira and more disinflation via the CPI and PPI.