So much for a strong ADP report, non farm payrolls rose by 103k, less then the initial estimates. Alot of volatility ensued after the number as the dissapointment was offset by the improvement in the unemployment rate, which went from 9.8 to 9.4. The drop was due to a 297,000 increase in employment on the separate household survey and a 260,000 decrease in the labour force. Household employment had fallen sharply in both October and November, so some bounce back always looked likely (the three month average is -57,000).
Bunds spiked up 28 ticks on the news, but was not a big a reaction as I expected given we came off so much on Wednesday. I stayed on the sidelines for much of the afternoon action as there wasn't really any high probability plays.
Next week we have ECB and BoE rate decisions, which are almost certainly going to be left on hold.
Have a nice weekend.
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