All eyes are on December’s US Employment data. Expectations suggest the economy added 197,000 jobs in December, marking a slight slowdown from November’s 203,000 increase. The unemployment rate is seen holding unchanged at 7 percent, a five-year low.
US economic data has increasingly outperformed relative to expectations in recent months, suggesting analysts continue to underestimate the resilience of the North American giant and opening the door for an upside surprise. Leading indicators seem to agree: the latest sets of ISM and ADP data point to accelerated hiring in December.
This raises a key question: does datathat bolsters the case for continued “tapering” of the Fed’s QE program have market-moving potential or have investors already priced in the central bank’s new status quo? In the commodities space, gold prices have closely mirrored the rally in US Treasuries yields since late October, hinting the response from the yellow metal may be somewhat restrained. Crude oil is another matter however.
News By Dailyfx.com
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