Friday, 2 November 2012

Daily Afternoon Report 02/11/2012

The October US labour market added impressive 171k non-farm jobs versus an expected 125k in the final employment report before the November elections. The US dollar gained sharply against all major counterparts, especially the Japanese Yen and gold as signs of an improving economy start to erode expectations for more incentives from the Federal Reserve. 
October’s PMI for manufacturing in the Euro-zone marked the fifteenth consecutive month of decline in sector activity. However, the 45.4 PMI outcomes were better than a previous estimate of 45.3, but that did not prevent the Euro from falling on the report.
The only other news in the session was out of China, where the PBOC released its quarterly monetary report. The PBOC said the economy is likely to keep stable with relatively fast growth, despite the fact that they see a slowing pace of global economic recovery.

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