Pros Say: US Unemployment May Be Closer to 16%

Tuesday, 9 Jun 2009 | 5:55 AM ET

Global stocks were higher Tuesday, while the dollar took profits after its rally the previous day. Experts tell CNBC that last Friday's better-than-expected jobs report should be taken with a pinch of salt.

US Jobless Rates May Be Closer to 16%

Take the better-than-expected U.S. jobs report with a grain of salt, cautions Tim Mulholland, MD at China-America Capital Company. He tells CNBC that there have been some prominent reports that suggest jobless rates are probably closer to 16%.

Dollar to Continue Upward Rise

The U.S. dollar is expected to continue strengthening this week, says Licia Kok, treasury economist at United Overseas Bank Group.

Premature to Expect a Fed Rate Hike

It is premature to think the Fed is going to hike rates again, following the better-than-expected jobs data, John Horner, FX strategist at Deutsche Bank, said.

Asia Will Lead the Recovery

All the fundamentals seem to indicate that Asia's emerging markets will lead the rest of the world out of the recession, says Jaspal Bindra, CEO, Asia at Standard Chartered Bank.

Short-Term Oil Pullback Seen

Oil prices may pullback to the $58-62 range in the short term before starting to make another leg higher during hurricane season, foresees John Licata, chief investment strategist at Blue Phoenix.


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