Currencies: $ boosted by 'NFP', Yen eases to $144.8
The consensus figure of +150,000 was well exceeded, with almost +200,000, and the unemployment rate, expected to rise to 4.00%, actually fell sharply from -0.2% to 3.7%.
Nothing was as expected, including the downward revisions for the previous 2 months: the consensus figure was -50,000, but in fact it was -35,000.
This better-than-expected statistic caused the Dollar Index to rise by +0.6% to 104.15, ending the week up +0.7%.
After the previous day's blow to the Yen (with an intraday gain of +3%), the market calmed down a little and the Japanese currency fell back -0.5 to 144.8 against the Dollar, reducing the weekly gain to +1.7%.
The robustness of the labor market and growth revised to +5.2% in 'Q3' will complicate the Federal Reserve's task of recalibrating its monetary policy: its December 13 speech (final FOMC statement) may be more hawkish than Wall Street had hoped.
The euro is down -0.3% towards 1.0760, as Goldman Sachs estimates that the ECB should cut rates at every meeting from April onwards, i.e. -125Pts by the end of 2025 (and perhaps ahead of the FED, as the EU has already been in recession for 1 quarter.
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