Friday October 8, 2010 - 13:54:42 GMT
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Forex Hound - www.forexhound.com
U.S. Dollar retreats after Non-Farm Payrolls Fall by 95,000
U.S. September Non-Farm Payrolls fell by 95,000 with the
private sector coming out at 64,000, in line with expectations. Overall one has
to conclude the report was close to what traders were looking for. This could
mean more of the same trading pattern which we have been witnessing the past
couple of weeks.
The Dollar retreated shortly after the release of the jobs
data. The Euro is hemming and hawing. Technically this market made a reversal
top on Thursday which is generally thought of as a bearish pattern. The pattern
was confirmed overnight, but we saw this last week and the market reversed back
With the trend so decisively higher, traders have to
approach the short-side with caution. The reversal top may be indicative of a
top but it is suggested that aggressive traders use precision to enter the
market rather than sell weakness.
Now that the U.S.
government has released its September jobs data, traders will shift their focus
to the size of the Federal Reserveâ€™s quantitative easing package and how they
are going to do it. There are arguments floating around which call for the Fed
to use the â€śshock and aweâ€ť approach. This means hitting the market with a huge
amount of liquidity. Others feel the best approach is to announce a big number
but spread it out over time.
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