Jobs data disappoints but market bets on more stimulus $EURUSD
- Published: 10 September 2012
- Markets ended the session slightly high after a choppy session. Investors were disappointed with the US Non Farm Payrolls data that fell short of expectations. However the market rallied on anticipation that the Federal Reserve is now closer to providing more stimulus to assist the economy
- The gain of 96k jobs for the month of August fell short of the 125k expected by the market. The Unemployment Rate fell from 8.3% to 8.1% however this was largely attributed to the fact that participants had left the work force
- China gave a boost to mining and infrastructure related stocks by approving over 60 infrastructure projects that are valued at over $150.0 billion
- Leading the S&P sectors on Friday was the financials and materials stocks which both rallied and close up 3% for the week. Both the S&P500 and NASDAQ booked their best week in over three months
- Leading the gains on the Dow was BAC, CAT and AA which each rallied 5.39%, 3.90% and 3.88% respectively. KFT fell 5.49% on corporate news
- DOW +0.11%, S&P500 +0.40% and NASDAQ +0.02%
- USD was weaker against the EUR on a risk on tone, AUD is above 1.0350
- Gold rallied on stimulus expectations and Crude moved higher on Friday
