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Jakobsen: Weak US jobs data could boost market sentiment

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A weak US jobs report could provide the markets with a boost as it might force the US Fed to tone down its hawkish rhetoric, says Saxo Bank's Steen Jakobsen.

While not a big fan of the nonfarm payrolls as an indicator, Jakobsen acknowledges that it remains one of the key indicators for the markets in terms of forecasting any action from the US Federal Reserve, which has US jobs and inflation as its key objectives.

Jakobsen also looks at how to trade in the current market, where conditions seems to suggest traders should be defensive while looking out for any upside potential.