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[QUOTE="Alpari UK, post: 74442, member: 31079"] [b]Reaction to US jobs report from Alpari UK on 4 December 2014[/b] The US economy added 321k jobs in November, as today’s jobs report surprised by posting the highest non-farm payrolls number for almost three years. This represents a massive surprise, with all market estimates pointing towards a significantly lower number, where the median number of 230k actually representing a fall from the 243k last month. For once, we have seen a comprehensively positive release, with the whole range of labour market indicators pointing towards a healthy and vibrant economy coming into the end of the year. With this, we are moving into an increasingly polarised landscape, where continued deterioration in Japan and the Eurozone is contrasted against bullish UK and US economies and that continues to be reflected in the currency markets as the likes of the EURUSD and USDJPY pairs move sharply in favour of the greenback. Perhaps equally as important from a monetary policy standpoint is the fact that hours worked and hourly earnings both moved higher in November, meaning that the ‘slack’ continues to be eaten up in the jobs market. Thus with earnings now confidently outstripping inflation, real earnings growth appears to finally be something that is here to stay. Now all eyes turn to Janet Yellen and the FOMC, who are likely to be increasingly hawkish after today’s release, with the one thorn in their side coming in the form of continued downside in oil prices. Despite this, expectations of a Fed rise are likely to have been brought forward for many and this has been reflected by the downside seen in the US indices which are selling off. However, for the time being, this is unlikely to really impact equity prices as it is agreed that we will be waiting a long time yet until US rates begin to rise. [/QUOTE]
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