Greater London, England -- (SBWIRE) -- 01/11/2011 -- Market analyst and financial spread betting expert Nick Serff of City Index (http://www.cityindex.co.uk/) casts his eye over the markets as the FTSE sell off continues on the afternoon of 7th January.
"A fall in the headline U.S. unemployment rate wasn’t quite enough to outweigh a disappointing Non-Farm Payroll number, with most European bourses finishing the session lower. Investors had high expectations for a block busting Payroll number after Wednesdays ADP Employment Survey surprised to the upside. However the forecasted 150k new jobs added to December’s payroll turned out to be only 103k, which was towards the lower end of the expected range. After initially selling off on the release of the jobs data markets recovered, only to come under pressure again going into the close, Germany’s DAX 30 finished down 0.4 percent.
The price of the Dollar lost a small amount of ground after the release of last month’s U.S. jobs data, giving back some of its recent gains after a stellar week. The Dollar Index, which measures the value of the Dollar against a basket of other major currencies traded up to a new one month high today, before investors decided to book profits at the 81.50 resistance level. The price of the Euro also recovered briefly back above 1.30 before coming back under renewed pressure. Market rumours earlier in the day that Spanish banks could once again be having debt problems weighed on the Euro and pushed Spain’s Ibex index down over 1 percent.”
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