Currencies and equities traded sharply higher on Friday following shockingly strong US and Canadian labor market numbers. Instead of losing another 7.5 million jobs in the month of May, US companies added 2.5 million jobs. No one, not even any of the 78 economists surveyed by Bloomberg were looking for job growth last month so today’s report completely defied expectations. It reinforces the view that a recovery is underway and suggests that the US government’s stimulus program effectively stabilized the economy. The CARES act provided forgivable loans if businesses rehire and that’s exactly what we saw in today’s numbers. Half of the increase was in food services and restaurants who rushed to reopen ahead of the Memorial Day holiday.