FROM THE DESK North American Comments 06-04-2004 09:21
	Finally payroll�s numbers are out of the way with the Nonfarm figure coming mostly within expectations at 248,000 the consensus being 250,000 with previous numbers revised higher to 346,000 from 288,000. As expected initial reactions to the number saw the dollar firmer driven by speculative type accounts though in turn quickly reversing course on perceptions that the US Fed remains well behind the curve on interest rates. For the manufacturing numbers payroll�s were slightly better than expected at 32,000 this against a consensus of 25,0000 and the revised previous reading of 29,000 from 21,000. Unemployment for its part remains steady at 5.6%. Given the numbers reactions at this point remain mostly speculative driven with market players still looking for further impetus either way. Note that the numbers should normally be enough to call for steady gains by the US dollar. Heavy discounting of the figures however is keeping real money out of the currency this along with perceptions that the Fed remains behind the curve even as the 25 bps hike story resurfaces for the June 27 Fed meeting. send to friend