Fed doves to look beyond a potentially strong NFP number [Video]
|Against all odds, yesterday ended up being a good day – at least for investors who have exposure to the French assets. The French government fell and the political uncertainty shifted to a higher gear yet, the French 10-year yield eased, the euro gained, and the CAC 40 hasn’t had such a good week since September.
The US dollar index came swiftly down yesterday on the back of a higher-than-expected jobless claims number last week. Today, the official jobs data is expected to print a strong NFP number – of around 200K new nonfarm job additions for November. But investors are ready to disregard any strength on that front given that last month’s figure will be impacted by the hurricanes and strikes of the month before. US jobs data in line with expectations – or ideally softer than expected – should lead to a further dollar depreciation into the weekly closing bell.
In energy, OPEC announcement didn’t enhance appetite among the bulls. In equities, the week was painted in green on both sides of the Atlantic Ocean.
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