This Is The Age of Aquarius…
Zak Vora, July 2nd, 2010
02/07/10
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It was a blast from the past as I got taken back to the Age of Aquarius with the musical Hair last night. If you’re up for a laugh I’d thoroughly recommend the ground-breaking rock musical from the 60s, when many of its songs became anthems to the anti-Vietnam War peace movement. I couldn’t help but laugh as one of the actors commented, (in reference to the Vietnam War), it’s a war started by a white president, fought by blacks against yellows because they like red. Forty years on not too much seems to have changed except the colours, a black president with a war fought by whites against browns because of green, (the colour on many Islamic flags).
Anyhow enough of the social commentary, back to business and the upcoming US Non-Farm Numbers. The expectations are for the headline NFP number to show a drop of 130k, however, stripping out the census workers the expected change in private payrolls is expected to show a gain of 110k with an unemployment rate of 9.8%. Thanks to those who contributed to the traders poll by the way, and the result from you, the readers, came in with an average of only a fall of 110k for the headline reading but an unemployment rate up to 9.9%. Personally I’d be looking for a figure closer to -150k with private workers increasing by 75k only and an unemployment rate grinding up to 9.9% as well, none of these sadly are radical numbers.
However, even with personal expectations of slightly weaker numbers I still suspect the interest rate futures markets will sell off between 5-10bp in the USDs as players look to book profits on long positions as we not only bounce around lows in yield terms but also move into a long weekend in the US. It won’t be long before we find out the results, best of luck and as the song goes…Let the sun shine, let the sunshine in. The sun shine in….
Have a great weekend…
This entry was posted
on Friday, July 2nd, 2010 at 5:00 pm and is filed under Blog, Featured.
