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The U.S. economy added 390,000 jobs in May
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Ichimoku Kinko Hyo
USD/JPY: The USD/JPY pair is now trading above the Kumo. Further bullish sentiment would lead the market into fresh highs. Alternatively, a plunge of the market might bring the exchange rate within the cloud.
Equity futures were higher in early Monday morning trading after a losing week as investors continued to bet that the Federal Reserve will tighten monetary policy aggressively to combat inflation.
Futures on the Dow Jones gained 132 points, or 0.4%. S&P 500 futures and Nasdaq 100 futures rose 0.57% and 0.77%, respectively.
The early morning action followed another disappointing week for investors as the major averages suffered modest losses. The blue-chip Dow Jones fell 0.9% for its ninth negative week in 10, while the S&P 500 and the Nasdaq Composite lost 1.2% and 1%, respectively, last week for their eighth losing week in nine.
The U.S. economy added 390,000 jobs in May, which came in better than expected despite fears of an economic slowdown and amid the roaring pace of inflation. Some investors believe the strong hiring data could be clearing the way for the Fed to remain aggressive.
Investors will be focusing on the CPI reading for May, which is slated for Friday morning release. The key inflation figure is expected to be just slightly cooler than April, which could be interpreted by some as a confirmation that inflation has peaked.
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