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Nonfarm Payrolls see Dec bets placed - Rabobak

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - Analysts at Rabobank noted Friday’s payrolls data did all but come in shiny wrapping paper with the words “December hike” written on them.

    Key Quotes:

    "The headline figure was vastly above expectations at 271K, unemployment fell to 5.0% (and underemployment to 9.8%), and average weekly earnings were two ticks higher than consensus at 2.5% y-o-y. As always, of course, one can quibble over the underlying contents of the report in that the infamous birth/death model once again made a large contribution to the total figure (a brave assumption at this late stage in an economic cycle), and wage gains were concentrated in just a few professions.

    Yet there’s no denying the long queue of forecasters now standing behind our own Philip Marey, who has been patiently at the head of the “December” queue for a long time. 10-year US Treasury yields are now at 2.32%, the highest since July, EUR has slumped back to 1.0740, while JPY is at 123.3: one wonders where both those currencies will head if we see further QE ahead – or will those plans now be shelved just because the Fed are going to hike 25bp? (If so, how much clearer can they both make it that QE is actually about currencies?!)"
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