We had anchors set past few weeks, for clients to look for more than expected (not real strength, just relative result) for both consumer and jobs related activity. These worked very well early on. But not this week. Instead, although chain sales reported this week were higher, they were inside of expectations. And although the claims for unemployment benefits cooperated a tad, today’s Payroll result did not. Finally, we expected PMI results for manuf and services to just exceed expectations but they were just inside of consensus. So not a satisfactory week for us.
Still, we can expect US and Canadian growth to eclipse that of Europe, including Germany. Thus, clients are urged to place that strategy recommended Tuesday, when they may free of violence spawned by our EU friends. That would be to own the US and UK term structure, to sell the US or Canada to Germany.
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