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US Jobs miss on all fronts plus down revision to prior 2 months… yields down, stocks up, USD down, GOLD up
Market Update: Indices
US500: Saved by a FIBO (7617 low vs 7613 (61.8%) with the bounce seeing 7700 print for the 8th day in a row. So keep an eye on the 7700 pattern as that will ultimately dictate the next directional move.
NAS100: Retreat after a brief new record high at 30903 paused above 33100-250 to keep a bid. 30903 now needs to be broken to build momentum and avoid a lower high.
Newsquawk Daily US Opening News – 2nd October 2026
(Right click on any image (or chart) to open a full screen in a new tab)
USDCHF vs. EURCHF
CHF outperforminmg so far for the 2nd day with a weaker EURCHF pushing USDCHF down and causing EURUSD to lag (after diverging yesterday).
EURCHF low at .9305 paused 2 pips above next support at .9303, (below risks ..9270) and USDCHF paused so far above .8264 so keep an eye on this cross if trading the CHF.
EURUSD 1 HOUR: Watch 1.1250 and…
While the focus of trading will be on the reaction in bonds to the US jobs report, a focus in forex will be on the pivotal 1.1250 level.
Why?
1.1250 will dictate whether the market makes a run at the 1.1215 low or 1.1312, above which would indicate low is in for now and confirm a break of momentum to the downside.
COMING UP: Data: Japanese Tokyo CPI (Sep), EZ HICP (Sep), US NFP (Sep). Speakers: ECB’s Vujcic; Fed’s Logan. Supply: Australia. Credit Ratings: Scope on the US.
US Market Wrap: Markets chop to Fed speak, data, geopolitics, and diesel on first day of Q4 SNAPSHOT: Equities up, Treasuries up, Crude up, Dollar up, Gold up
US500 (SP500) 4 HOUR: Still a retracement?
The forex market is not alone in “living to run stops” as US500 set them off following the break of 7650. Subsequent move back above 7650 followed a pause above 7613 (61.8%) and 7608, which gives hope this is still just a retracement.
Looking ahead, 7650 will be pivotal in setting the tone but to negate the risk, 7700, which has traded 7 days in a row, would need to print again on Friday.
Forex Market Snapshot
When 2 currencies move in opposite directions it indicates real money flows.
What stands out is the CHF trading up and strongest, JPY well off its low while EURUSD trades weakest and the USD is firmer elsewhere (EURCHF (down) is the underperformer. What does this suggest? Unwinding of carry trades and other crosses to start the new quarter as funding currencies are in demand (note equities down, yields tumble as mood turns risk off).
Market Update: Crosses weighing on EURUSD
When you see 2 currencies move in opposite directions vs. the USD it indicates real money flows. In this case JPY moving higher and EUR moving lower = EURJPY selling.
Note, market had more trouble absorbing the EURUSD selling component than the USDJPY selling.. See now whether EURUSD can hold above 1,1250
ISM MFG PMI: Slight headline miss, Prices miss (higher)… yield curve steepens, stocks hit on the prices component
US500 (SP500) 4 HOUR: 7 days in a row
Unable to shake its focus from 7700, which has now printed for the 7th day in a row This leaves it consolidating between a double top at 7727 (on this CFD chart) and a double bottom at 7650 The onus is on the bull side to hold regain 7700+ and/or hold 7650 to maintain the range and prevent putting 7600 on the radar.
Keep an eye on correlations 2-year yield
Markets, expecially forex, continue to be hypersensitive and correlate with US bond yields moves, this time a dip in yields led by the 2 year as longer-term lag (curve steepener)…makes for fickle trading Price moves today… 2-year 4.92% => 4.854% / EURUSD 1.1254 => 1.1312 (resistance cited earlier has capped the upside) Followup: 2 year blips to 4.866% / EURUSD dips to 1.1293 A word about intra-day correlations: They work until they stop working
