SubscribeDaily Futures Commentary November 6, 2009
Friday, November 6, 2009
The U.S. Dollar is trading lower ahead of this morning’s U.S. jobs data report. Today’s Non-Farm Payrolls Report is expected to show losses in October of about 175,000 jobs. The key will be how investors react if the unemployment rate reaches or exceeds 10%. Some say this figure is built into the market.
The U.S. jobs report will set the tone for the day as it represents a way to gauge the health of the economy – namely consumer spending. This year’s report carries a little more weight than previous reports because it will either back or refute the recent evidence that the economy has turned the corner. Equity market traders are hoping for a good number ahead of this year’s holiday season.
On Wednesday the U.S. Federal Reserve announced that it remained committed to its low interest policy for an “extended period”. This statement can be interpreted by investors as a 30- day free ride in the market until the Fed meets again next month. This means the possibility of a softer Dollar and greater demand for higher yielding …
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