The U.S. Dollar finished sharply lower on Friday following
the release of a U.S. Non-Farm Payrolls Report which showed the economy lost
85,000 jobs in December.This bearish
number surprised traders who were looking for evidence that the U.S. economy
stopped losing jobs in December.
Economists were looking for December Non-Farm Payrolls to
rise by 10,000.Most came to this
conclusion because of weekly initial claims and other employment index reports.
However, the ADP jobs data report which was released earlier in the week showed
that 84,000 were lost in the private sector.Todayâ€™s report which included both the private and government sectors
lost 85,000 jobs.This leads one to speculate
that either the government has to start hiring, or it has to begin spending
more money to create jobs in the private sector.
The EUR USD rallied following the U.S. jobs data report.This bullish move erased an earlier loss
triggered by an overnight report which showed that the Euro Zone unemployment
rate reached 10% in November. Regaining of the retracement zone at 1.4350 to
1.4319 is a sign of strength.Upside
momentum could be building which sends the Euro back to 1.4680 - 1.4799 over
The GBP USD surged to the upside but was only able to settle
inside a retracement zone at 1.5988 to 1.6036. Uncertainty over the upcoming
general election most likely limited todayâ€™s upside action. Traders remain
concerned about the budget deficit and other fiscal issues.
The bearish U.S.
jobs picture helped weaken the USD JPY.In
addition, the Japanese Finance Minister retracted statements he made yesterday
regarding his desire for a weaker Yen. Technically, the USD JPY fell back below
a key 50% number at 93.13.Breaking back
under 92.32 will be the first sign of real selling pressure. The weekly closing
price reversal top indicates the start of a possible decline to 89.30 - 88.24.
Based on the short-term range of .9918 to 1.0547, traders
should look for the USD CHF to weaken into 1.0212.Breaking this level is likely to trigger a
further decline to 1.0143.
The USD CAD resumed its downtrend following the bearish U.S. jobs data
report.The current chart pattern
suggests that the next downside target is 1.0265. Stronger gold and crude oil
prices are helped to underpin the market. Downside momentum could slow if the
Bank of Canada starts to talk about the need for a weaker currency.
The AUD USD moved higher as weak U.S. jobs data report triggered
renewed demand for higher yielding currencies. Fridayâ€™s intraday turnaround
suggests the next upside target is .9321.Taking out .9265 will negate Thursdayâ€™s closing price reversal top.
The NZD USD rallied on renewed demand for higher yielding
currencies.Regaining a pair of
downtrending angles on the daily chart is a sign of strength. Taking out .7427
will negate Thursdayâ€™s closing price reversal top and should trigger more
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Mon 10 Sep 2018 AA 08:30 GB- GDP, Trade, Output Tue 11 Sep 2018 AA 08:30 GB- Employment Decision A 09:00 DE- ZEW Survey Wed 12 Sep 2018 A 12:30 US- PPI A 14:30 US- EIA Crude A 18:00 US- Beige Book Thu 13 Sep 2018 A 1:30 AU- Employment AA 11:00 GB- Bank of England Decision AA 11:45 EZ- European Central Bank Decision A 12:30 US- Weekly Jobless AA 12:30 US- CPI Fri 14 Sep 2018 A 08:30 GB- GDP AA 12:30 US- Retail Sales A 13:15 US- Industrial Production AA 14:00 US- prelim University of Michigan
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