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Surprisingly strong US payrolls lift dollar

Friday 20:05 GMT: A massive jobs report failed to impress stock markets but pushed the dollar higher on Friday, suggesting that investors have already priced in the economic and market gains to come from quantitative easing – and are starting to look at what other countries may do in response.

The ever-closely watched monthly non-farm payrolls data showed 151,000 new jobs had been created last month

the headline numbers were made even stronger by revisions that cut the size of previous months’ declines and the fact that October’s growth was driven by the private sector.

But the optimism of the job gains was overshadowed by the fact that they came just two days after the Fed’s announcement on Wednesday of $600bn of quantitative easing.

Gold also hit a fresh record high, at $1,298, as the inflationary impact of stronger growth was weight.

The European Central Bank left its monetary policy unchanged on Thursday and Jean-Claude Trichet, ECB president, made relatively hawkish comments. Read more at www.ft.com

 

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