Archived IMT (2010.12.03)
QUICK PREVIEW AT US JOBS REPORT: Market expects +145K NFP and +155 K in PRIVATE PAYROLLS, with the UNEMP RATE seen unchanged at 9.6%. USD lower across the board after a solid 2-days in global risk appetite. BUT CAREFUL IF WE DO GET the same story from Dec 4, 2009 (exactly 1yr ago) when the US jobs report came broadly higher than expected, pushing both USD and stocks higher only for the USD to maintain rallying into the end of the session and both stocks and gold to eventually turn lower. The revisions would also have to be positive. STRONG CANADIAN JOBS figures (Unemp rate droped to 7.6% from 7.9% and NFP +15%) could generate broader CAD gains in the event of a positive US report, thus we could see CADJPY regain 84.20. NONETHELESS, The fact that S&P500 is already at the DOUBLE TOP high of 1225-7 makes it VULNERABLE to a BREAKDOWN later in the session.
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