Intraday Market Thoughts
Archived IMT (2009.12.04)
by
Dec 4, 2009 13:54
Better than expected US jobs report (-11K & 10% from 10.2% unemployment) and a powerfully strong creation of Canadian jobs (+79K unemp drops to 8.5% from 8.6%) gave an initial jump to oil, but could be one of those rare days when we see a RALLY IN BOTH US STOCKS & USD. The fact that both the unemployment and payrolls revealed positive developments for the US economy and consumer can end up being a positive for the US currency despite rallying equities. This was ALREADY SEEN IN THE JULY JOBS REPORT when the unemployment rate fell to 9.4% from 9.5%, registering the first decline April 2008. CAD is the only currency outperforming the USD, thus instead of simply shorting USDCAD, it is preferable to go long CAD vs. GBP, AUD and NZD.
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