U.S. equity markets are trading sharply higher following the release of better than expected U.S. Non-Farm Payrolls Report. Investors are driving up stock prices on the belief that the jobs data indicates an improving economy. Technically, the daily swing chart indicates a possible move in the March E-mini S&P 500 to 1156.00 by March 12th.

June Treasury Bonds fell after the better than expected jobs reports signaled that the economy was improving, bringing the Fed closer to hiking interest rates. Based on the short-term range of 114’15 to 118’02, traders should look for weakness to drive this market down to the next major retracement level at 116’04 to 115’24.

April Gold is trading slightly better. The muted reaction to the weaker Dollar indicates that it may have already been priced into the market. A close over $1137.80 will be bullish, but a failure to regain this price could drive the market back to $1117.20.

June Crude Oil is trading better. Today’s jobs data indicates that the economy is improving. This could mean greater demand for higher yielding assets. The primary reason for today’s rally is most likely greater demand for more risky assets.

The U.S. Dollar is trading lower against most major currencies after better-than-expected jobs data drove investors into higher yielding assets. The initial move in the Dollar was up after the U.S. Non-Farm Payrolls Report showed fewer jobs were lost than estimated. Traders bought the Dollar on the belief that the better jobs number would move the Fed closer to hiking interest rates. Higher interest rates would make U.S. investments relatively more attractive. This move was short-lived however as investor demand for higher yielding assets overcame the desire to hold Dollars.

The March Euro is trading better at the mid-session. Relief that the Greek budget deficit crisis may be easing is helping to drive out weaker shorts. Earlier in the week, the main trend turned up on the daily chart, but this market needs to move through 1.3735 in order to reaffirm this change in trend.

The March British Pound is trading near the high of the day at the mid-session. Upside momentum seems to be building which could take this market to a 50% level at 1.5297 over the near-term. The current rally appears to be driven by short-covering and bottom-picking following a sharp sell-off earlier in the week. The driving forces behind the recent sell-off have been the weak economy, soft monetary policy and political uncertainty.

The March Japanese Yen is trading sharply lower. The improving U.S. economy and demand for higher risk assets is putting pressure on the Japanese Yen as it resumes its role as a funding currency. Traders are also reacting to the possibility that the Bank of Japan will announce more stimuli at its upcoming policy meeting. Today’s break completed the first objective of yesterday’s closing price reversal top when it reached a .618 price level at 1.1041.

The strengthening Euro is helping to support the March Swiss Franc. Traders are expressing relief that a higher Euro will encourage the Swiss National Bank from any further interventions. The main upside objective remains a major 50% level at .9526.