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Jobs Data To Keep Pressure on the Dollar

July 02, 2010
The unemployment rate fell to 9.5% from 9.7%, but this likely reflects people dropping out of the labor market. The work feel well 0.1%, which is the equivalent of about 300k job loss. The private sector 83k jobs and the May data were revised to show only 33k from 41k. Hourly earnings fell 0.1%. Bottom line then is few manhours of work, fewer jobs…
Jobs Data To Keep Pressure on the Dollar Jobs Data To Keep Pressure on the Dollar Reviewed by Marc Chandler on July 02, 2010 Rating: 5
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US Jobs, European Devleopments, Australia's Tax Compromise

July 02, 2010
The release of the US employment data is the main event of the day. Investors are well aware of the unwinding of the census build, which will produce a headline decline of jobs.
The market will look past this and focus on private sector jobs. The softer than expected ADP and ISM data yesterday have probably led to downward adjustment to expectatio…
US Jobs, European Devleopments, Australia's Tax Compromise US Jobs, European Devleopments, Australia's Tax Compromise Reviewed by Marc Chandler on July 02, 2010 Rating: 5
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Global Markets Update Ahead of the US Jobs Data

July 02, 2010
The US dollar is mixed ahead of the monthly jobs data. It is generally consolidating yesterday’s losses against the European currencies and Japanese yen, while slipping against the dollar-bloc. The increased concerns about the trajectory of growth, especially in the US and China at the same time that successful bond auctions and refi operations in…
Global Markets Update Ahead of the US Jobs Data Global Markets Update Ahead of the US Jobs Data Reviewed by Marc Chandler on July 02, 2010 Rating: 5
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Data Disappoints Adds to Dollar Selling Pressure

July 01, 2010
US data have been disappointing. The weekly initial jobless claim increase has been followed by a weaker than expected ISM manufacturing report. The ISM fell to 56.2 from 59.7. The consensus had anticipated a smaller decline to 59. Weakness was especially pronounced in new orders, which fell to 58.5 from 65.7 Employment eased to 57.8 from 59.8. Pr…
Data Disappoints Adds to Dollar Selling Pressure Data Disappoints Adds to Dollar Selling Pressure Reviewed by Marc Chandler on July 01, 2010 Rating: 5
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Is Fiscal Austerity Being Rewarded?

July 01, 2010
From the IMF to the G20, from bloggers to Nobel prize winning economists, there have been calls for the major developed countries to reduce deficits and stabilize debt to GDP ratios. The idea is that if this is done properly it need not retard growth and the markets will reward countries with lower interest rates requiring reducing the risk premiu…
Is Fiscal Austerity Being Rewarded? Is Fiscal Austerity Being Rewarded? Reviewed by Marc Chandler on July 01, 2010 Rating: 5
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Capital Market Developments

July 01, 2010
The ECB’s refi operations this week are being scrutinized for insight into the health of European banks. The 132 bln euro 3-month refi operation yesterday was generally heralded as favorable news. Recall that the market had been expecting between 200-300 bln euros would be needed to help smooth the expiry of the 12-month LTRO.
Today, banks took an…
Capital Market Developments Capital Market Developments Reviewed by Marc Chandler on July 01, 2010 Rating: 5
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Capital Markets Snapshot

July 01, 2010
The US dollar is mostly lower. The euro is the strongest of the majors, gaining across the board. The week’s high was set on Monday just below $1.24 and unless this is taken out, it simply seems like range trading.
Concerns that the world economy is losing momentum continues rival the European debt crisis a key factor discouraging risk taking. Alt…
Capital Markets Snapshot Capital Markets Snapshot Reviewed by Marc Chandler on July 01, 2010 Rating: 5
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