Last Friday’s New York session can be characterised by three specific events: A strong US Payroll report, a “dovish” interpretation of Fed Chairman Jerome Powell’s policy comments and a 100 basis point reduction in the Chinese reserve rate requirement (RRR). The US Payroll data printed much higher than expected with the headline number showing 312,000 new jobs created in November versus expectations of 180,000. This was a 10-month high for monthly new job creation.Weekly wages rose .4% versus a .3% consensus, while the slight rise in the unemployment rate to 3.9% was offset by the rise in the participation rate. The ... (full story)