The US dollar surged after a strong US jobs report, with non-farm payrolls increasing by 272,000 in May, exceeding expectations. However, the unemployment rate rose to 4.0%, and there was a decline in employment of over 400,000 for the month. Average earnings also increased by 0.4%, sparking concerns about inflation pressure in the economy and casting doubt on potential interest rate cuts by the Federal Reserve. This led to sharp losses in Treasuries and a jump in the 10-year yield. Equity markets faced selling pressure, and risk appetite weakened, which could also impact support for the Pound.
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