Spreadex Market Update
Disappointing U.S. Data
The figures are making QE3 look more and more likely as Ben Bernanke called unemployment a “grave concern”. The possibility of QE3 is back on the table.
The Standard & Poor’s 500 Index rose 0.2% to 1,446.95 and the Dow added 0.3 points to 13,292.26 by 9:54 am in New York. The yield on the 10-year Treasury note dropped seven basis points to 1.61% and Gold futures climbed 1.5% to $1,731.10 an ounce.
Spread betters who were long the EUR/USD are pleased as weakness in the greenback sent that pairing shooting up towards the 1.28 level. The pound also rose back above 1.6 against the dollar for the first time since May.
U.S. stocks rose after the Standard & Poor’s 500 Index rallied to its highest since 2008, amid bets on central bank stimulus as payrolls increased less than projected even as the unemployment rate declined.
Employers are reluctant to expand headcounts as they face a global economic slowdown and the so called “fiscal cliff” of automatic tax increases and government spending cuts.
The damage inflicted by the lack of progress on jobs is the reason Federal Reserve Chairman Ben Bernanke last week said that the central bank needed to do more.
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