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Non-Farm Payrolls “Better” than Expected!
By Mike Conlon | September 4, 2009
Well I’m not certain this is “great” news but the US “only” lost 216K jobs, better than the analysts expectation of 225K. The unemployment rate has risen to 9.7%, a 26-year high. So far this AM, the equity markets are positive as of this writing as the number of job losses each month is decreasing more slowly, a possible sign that the economy is recovering.
More importantly, it means that the flight to safety trade is off and the risk appetite trade is on this morning. The commodity currencies (AUD, NZD, and CAD) seem to be doing well against the Japanese Yen (JPY) and US dollar (USD), with CAD/JPY as the mornings largest gainer (+1.14%).
This could be good news for equity bulls and dollar bears, as the lack of a significant deviation from the expected means that investors and traders feel that the economy may be recovering and we could be headed for inflation down the road, which is clearly the Fed’s intention.
Check back later to see how these trades are doing!
Tags: AUD, cad, commodity, currenc, currencies, dollar, dow, economy, fed, invest, investor, Japan, job losses, jpy, market, news, nzd, rate, ssi, trade, trader, trades, unemployment, USD, Yen
Topics: What To Look At In The Market |
September 6th, 2009 at 6:32 am
Thanks for the updates and good info, I have bookmarked you