Chinese data mixed after solid US jobs growth
City Index December 10, 2012 2:00 PM
<p>US non-farm payrolls released on Friday rose by a better than expected 146,000 in October and well above the consensus estimate of 85,000 suggesting Hurricane […]</p>
US non-farm payrolls released on Friday rose by a better than expected 146,000 in October and well above the consensus estimate of 85,000 suggesting Hurricane Sandy had a smaller effect than the market had anticipated. The unemployment rate caught investors attention as it dropped two tenths to 7.7% (7.746% unrounded) from 7.9%.
The news over the week-end has been mixed with Chinese data showing stronger economic activity and lower inflation but on the flip side the trade data was not so good, showing a smaller trade balance of $19.6 billion.
There are further concerns from Europe this morning as Italian PM Mario Monti announced he will resign shortly, after his coalition was sunk by Berlusconi at the weekend with the Italian election now likely to be brought forward from April to February. Berlusconi’s chances of re-election will be the topic in coming weeks, at the moment as his party are doing poorly in the polls but this does increase the chance that he will campaign on a more radical set of anti–EU policies. Italian bonds are worth watching today and are driving the single currency as European trade gets underway.
Supports 1.2870-1.2815-1.2785 | Resistance 1.2925-1.2960-1.3000
Supports 82.20-82.00-81.65 | Resistance 82.85-83.00-83.20
Supports 1.6000-1.5975-1.5950 | Resistance 1.6045-1.6080-1.6125
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