PaxForex starts December with 403 pips
This week was dominated by the U.S. Non-Farm Payroll report which was expected to disappoint markets like so many times before. Initial jobless claims have indicated that the trend as changed and point to an increase in unemployed Americans. The labor market continues to deteriorate at an alarming rate and each month more and more Americans are out of work or not able to find employment which is why the unemployment rate has decreased over the past few months.
Friday at 1430 hours CET the U.S. Department of Labor released it long awaited (un)employment report for the month of November. The figure stood at 146,000 jobs created, but the previous two months were revised down by a combined 49,000 which translated to an actual figure of 97,000 which is likely to be revised downward during the December report.
In addition 369,000 were unable to go to work due to Hurricane Sandy and technically unemployed, but were still counted as employed. Some of those jobs are lost while others are temporary. The economic policies which are in place and sponsored by the socialists in the White House will fuel the negative trend over the next 60 months. We witnessed the peak of job creation and market participants should get used to a directional change.
Overview of profits for the week which ended December 7th
GBPCHF: 90 pips
EURUSD: 98 pips
GBPCAD: 76 pips
USDCHF: 39 pips
EURGBP: 35 pips
EURAUD: 65 pips
Total: 403 pips