November was expected to be yet another bad month in the United States. Financial markets were bracing for a 130,000 job loss, so imagine the surprise when only 11,000 jobs were lost in November. With this the unemployment rate dropped to 10% from 10.2% in October. According to Brian Fabbri of BNP Paribas this "suggests that the labor market is much closer to its trough and more synchronized with broader measures of economic growth".
The unexpectedly low job loss numbers sent the dollar higher, pushing down prices for the U.S. government's debt. The dollar also posted its largest gain in almost a year.