NFP print keeps 50bps on the table
Source: wwww.tradingview.com
The non-farm employment change beat expectations, coming in a 390k (325k) for May. However, the U3 unemployment rate remained at 3.6% against the 3.5% expected. Thus, the job market remains strong. The Fed is banking on this to cushion the impacts of its rate hikes. This strength means that the Fed will keep 50bps on the table for this month's meeting and July's. The NFP, combined with the hawkish comments by Fed officials this week, has lifted the US 10-year Treasury, currently at 2.95%. Its weekly stochastic remains above 80 (green rectangle), implying that the momentum for further yield increases is still present.
Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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