Global Macro Perspectives
Bad numbers on employment continue. Non-farm payrolls came at -190k vs. -175 k consensus and -263k last month.. Contrary to my guess yesterday. Unemployment has hit 26-year high of 10.2%. Average hourly earnings up 0.3% vs. 0.1% consensus. Average workweek at 33 hours, down from 33.1 last month.
Slow day today ahead of unemployment release. RBS earnings caught my attention.
Divergence yesterday between PowerShares DB US Dollar Index Bullish and index that it tracks Dollar Index (DXY) as fund manager used up SEC registered shares. Similar to United States Natural Gas earlier this year, covered on Tainted Alpha. DB Commodity Services LLC filled to the U.S. SEC to register 100,000,000 additional shares in order to meet investor demand. Reuters story:Deutsche Bank unit files for 100 mln new UUP shares. Also, more important large volume in call options, looks someone is looking to profit on short covering/squeeze.