Friday August 7, 2009 - 13:12:32 GMT
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U.S. Non-Farm Payroll Report Shows Smaller Loss than Consensus
The July U.S. Non-Farm Payroll Report showed a loss of 247,000 jobs. This number was lower than the pre-report estimates. The revision in May and June also showed a downward revision.
The U.S. Dollar is trading lower on the news as traders once again renew their demand for higher risk assets. The Dollar is expected to weaken throughout the day as this number is definitely better than expected.
The GBP USD and EUR USD are gaining back some of their losses from yesterday. The British Pound in particular has room to make up to the upside after yesterdayâ€™s sell-off following a surprise announcement from the Bank of England regarding its asset buyback program.
The impressive report number is helping to drive the U.S. equity markets higher and Treasury markets lower. This should help pump up demand for higher yielding assets like the AUD USD and NZD USD.
The higher EUR USD should help crude oil rally which should combine with the better U.S. equity markets to pressure the USD CAD.
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