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Today's Market Fundamentals
After a good Thursday out of China, we saw the Caixin Manufacturing PMI come out on Friday – this represents the private owned enterprises and is often a better reflection of the economy. The print yesterday was a dour one and Asia does seem to be systemic of this as both Japan and South Korea are showing similar slow down.
Friday was all about the Non-Farm Payroll out of the US there, the feeling going into the print was risk to the downside as a poor number would see a follow through of the dollar weakness that was caused by the FOMC. The print however was nothing short of a “head scratcher” – the headline number showed massive job creation but the household survey showed the exact opposite with unemployment rate climbing. This was reflected in the dollar which didn’t know what to do and was clearly confused.
We will turn our attention to the continued trade talks between the US and China, this poses the biggest risk this week.
Today's Market Trading Levels
- US500 SELL 2716 – 2720
- US30 SELL 25147 – 25190
- USTEC SELL 6920 – 6940
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