“After such a bumper reading last month it is expected that things will cool off slightly for July’s non-farm payroll number tomorrow. The world’s wise economists are anticipating that 231k new jobs were created, but this prediction has proven to be little more than a stab in the dark in recent times. Taking the geo-political turbulence into account, markets have remained remarkably resilient of late, but there is certainly some nervousness in the air on non-farm payroll-eve.

It is still difficult to say how a strong or weak reading will affect the equities given the added complication of interest rate rises. With rate rises now becoming ever more of a reality, even a very positive number could send the markets south. Traders worry about the earnings capability of their investments when rates rise, so as far as they are concerned, the longer the Fed waits to pull the trigger, the better. However, as the economy shows signs of strength (such as a better employment scene) Janet Yellen and her crew will bring forward the date that of the end of easy money. Catch 22. This is a very difficult one to pick, but we all love unpredictability, right?

Roll up, roll up – we have got just a five point spread on our non-farm market.”

 

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