Non-Farm Payrolls To Push Wall Street Higher
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Non-Farm payrolls – the highly watched indicator that measures job creation in the US economy (ex-farming) – has beaten estimates and posted a rise of 171K Jobs verses an expected 125K Jobs gain. Unemployment nudged by 0.1% from 7.9% which signals stability in the job market and an overall improved employment picture in the world’s largest economy. The figure is especially important as it is the last unemployment figure before the US election next week, and could improve Barack Obama’s chances for re-election, with the administration focusing on lower than 8% unemployment as an economic achievement.
On Wall Street, these latest figures were greeted with a rising appetite for stocks and indices pointing to a higher open with the S&P500 Mini rising by 0.44% just before Wall Street opened, bouncing for the 1,400 support level. In the FX space the Dollar continued to gain ground against the Euro ,Sterling and Yen with the USD/JPY settling above the 80 threshold. Investors appear to be gradually willing to push US stock markets higher and allow the bullish trend to continue. As BNP Paribas the French Banking giant wrote in a note to investors, this is a sign for (moderate) optimism.
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