The US$ recovered some of its recent lost ground on Friday following the release of the US Jobs data, showing that the July non-farm payroll grew by 209k, above expectation of 180k, while the previous month’s figure was revised up to 231k, from 222k. The headline unemployment rate dropped by 0.1% to 4.3%, a 16 year low. The participation rate also rose, to 62.9%, up from 62.8%, while the average hourly earnings rose 0.3% mom, in line with expectations. Also released from the US, trade deficit narrowed notably to USD -43.6b in June, from USD -46.4b in May. While the dollar was able to make some gains, the metals came under some downside pressure and stocks remained rangebound. Oil saw a recovery, with WTI closing at session highs and looking as though it is ready to take another look at 50.00pb although the OPEC Meeting begins today and direction will depend on headlines coming from that.
The coming week’s will have a steady data download throughout, beginning today with the Australian Construction Index and the ANZ Job Ads, to be followed in Europe by the German Industrial Production and the EU Sentix Investor Confidence Survey, but with little to come from the US. Other highlights during the week will be the China Trade Balance (Tue), China CPI/PPI and the UK Inflation Report Hearing (Wed), the RBNZ Meeting and UK Manufacturing data (Thur), and finally the German CPI and US CPI (Fri). Have a good week.
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|ASX SPI: 5683|