Dollar Continues Plunge on Bad Jobs Report

Energy and precious metals prices continue to be well-supported, with crude oil prices slightly lower on concerns that demand will weaken, while agricultural commodities are showing universal weakness. The US Dollar has fallen to new all-time lows on news that jobs have declined even more than expected with downward revisions in the previous two months as well. Fed funds futures are pricing in a near certain probability of a 75 basis point cut by the Fed when it meets in mid-March. This jobs report almost certainly will turn GDP negative, lower corporate earnings, and make a recession a near certainty.