Friday August 6, 2010 - 19:58:53 GMT
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Forex Hound - www.forexhound.com
Euro Resumes Uptrend in Wake of Disappointing U.S. Jobs Data
The Euro made a new high for the week,
driven by disappointing U.S.
jobs data. The rally through the former top at 1.3262 resumed the uptrend while
forming a new swing bottom at 1.3119 in the process.
This morning the U.S. government released
disappointing jobs data which solidified the thought that the economic recovery
was stalling. The report which said private employers added fewer jobs during
July than forecast, raised concerns amongst investors about the sustainability
of the U.S.
The disappointing non-farm payrolls data
will most likely be used by Fed officials next week when they set monetary
policy. The weaker jobs number will most likely mean the Fed will announce
stimulus measures to help revive the economy which may include renewing its
quantitative easing program.
Improvements in the Euro Zone economy at a
time when the U.S.
economy is still struggling makes the Euro a more attractive investment. Upside
momentum indicates the Euro has enough buying power behind it to reach the 50%
level at 1.3510 over the near-term.
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