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Koefoed: US jobs, tapering and the dollar
The latest US jobs report means it's more likely the US Federal Reserve will begin tapering its bond buying programme sooner rather than later, according to Saxo Bank's Head of Macro Strategy, Mads Koefoed. However, he still thinks we won't see any reduction in bond buying until March next year. 203,000 jobs were created in the States in November and the unemployment rate fell to 7% from 7.3%.
The Fed says it will reduce its stimulus programme when the unemployment situation improves significantly. That's led to much speculation in the markets as to when it might hapen.
Mads says Friday's jobs news is largely dollar positive. However, he still expects the euro to rise against the grennback over the coming weeks as the markets test the European Central Bank's nerve.
01:54 minutes
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