Mkt focus worldwide was on our June Payroll read. The print was a shock, far weaker than expected.
Our view has been for a improvement of growth into year end. On the surface, one wouldn’t believe that from today’s figure. Let’s see how the dust settles.
We will take in the balance of our spread, (S) US, (L) Ger, from -4, last +21 (US 3.07% vs Ger 2.86%). We’re unsure at the moment of relative dynamics just ahead.
Robert Craven
Friday, July 8, 2011
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