Antipodean Capital Macro Strategy Daily Feb 4 - Stronger US jobs and manufacturing data say the US is still better than the ROTW. Close ST USD shorts and precious metals long and await to reset.

Macro: US data: US jobs and manuf data were strong Friday, rounding out a week of conflicting cross currents and themes, but ending it with rising US yields and a rising USD, which perhaps dented precious metals and commodities recent gains and dented stocks upside progress too, even if without altering the upward trend established post Fed.

Summary: Markets Friday couldn’t make up their minds in regards to whether stronger US employment (300k+), modest wages growth (0.1% mom) and a higher unemployment rate (4%), alongside a stronger US ISM Manuf print (56.5 v 54.3 last) were good news for stocks or the USD. Stocks ended mixed and the USD was a touch higher, but US yields jumped, although they were probably too low anyway. Precious metals fell.

New trades: Short $JPY at 107.50 closed at 109.40 (-2%). Long EUR$ at 1.1360 closed at 1.1460 (+1%). Long JPYKRW at 9.85 closed at 10.21 (+4%). Bought NZD .6880 closed at .6880. . Long Silver 14.08 close at 15.92 (+13%) Long Gold at 1243 closed at 1318 (+6.5%).
FX: None.
BONDS: Long 2 units ASX Banks 5yr CDS at 54bps, target 140. Long NZ 10s sold NZ 2s at 104bps risk 130bps target 50bps. Sold Portugal 10yr bought German Bund at 158bps, risk 110bps target 350bps.
EQUITIES: Long ASX All Ordinaries Top 100, Short ASX Small Ordinaries at 0.81x ratio. Long S&P at 2682 risk 2660 target 2740.
COMMODITIES. Long Silver short Gold at 83.9x risk 87 target 65