Spreadex Market Update
Headline indices trading within a tight range
However, the data has proven to be surprisingly disappointing with the actual employment change printing at 148k, falling well short of the 182k estimate. More positively, the unemployment rate has fallen slightly from 7.3% to 7.2%. Both Gold and U.S futures have risen on the back of the data with U.S futures looking to open up some 45 points. The October employment report will be pushed back to Nov 8th from the originally announced Nov 1st date, according to the Labour Department’s website.
The focus now will be on how the world’s largest recovery can bounce back from the damage caused by the fiscal impasse. Last week President Barack Obama signed legislation that funded the government through to January 15th , suspending the nations $16.7 trillion debt limit. With the budget dispute more than likely trimming fourth-quarter growth, Federal Reserve policymakers are expected to wait until March to begin reducing stimulus. Especially now considering the weak non-farm data.
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