A broad-based November hiring surge ranging from factories to offices and retailers powered the U.S. economy to the largest number of jobs created in almost three years, triggering long-awaited wage gains.
Potential Presidential executive action on immigration and the reaction by the Republican leadership along with the imposition of fines on the U.S., British, and Swiss banks for foreign exchange manipulations could make for a volatile week.
It was a busy week for central banks around the world, with monetary policy meetings in the United States, New Zealand and Japan. This made for a very interesting end to the week for the forex markets as investors digested the deluge of information coming from policymakers.
Consumer spending in the U.S. unexpectedly dropped in September as incomes rose at the slowest pace of the year, indicating the economy will have difficulty sustaining a pickup in growth into the end of the year.
The Federal Reserve with its historic ending of quantitative easing seemed almost hawkish and perhaps a bit oblivious to the impact that the ending of QE might have on the Europe and the rest of the world.