An all-round stronger than expected US employment report Friday dominated the end-of-week market price action. A quite vicious bond market sell off led by the front end of the Treasury curve pushed the 2/10s curve to -40bps (its most inverted since 30 August 2000). Sharply higher yields propelled the USD higher across the board (DXY 0.9%) led predictably by USD/JPY, up a cool 1.6% on the day and with AUD and NZD both down +/- 1%. Somewhat stronger than expected import and export growth figures from China on Sunday might provide a modicum of support for the antipodean currencies at the start of the new week, though ... (full story)