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European and US summary
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Dollar Slid after Jump in Unemployment Rate
Sun, Jun 8 2008, 22:32 GMT
by Yan Xu
6/6/2008 12:00 pm: EUR/$..1.5727 $/JPY..105.35 GBP/$..1.9693 $/CHF..1.0238 AUD/$..0.9603 $/CAD..1.0180
Dollar Slid after Jump in Unemployment Rate
The dollar slid across the board after a report showed US unemployment jumped to the highest since 2004. US non-farm payrolls fell 49k in May, in line with the estimate of a 50k loss. However, unemployment rate shot up from 5.1% to 5.5%, the largest month increase since 1986. The report showed the nation’s job market is still very weak and there is no sign that the market will turn in short term. After the report, the euro rose immediately from 1.5580 to 1.57 and extended its gains later. The dollar dropped 1 cent to close to 105.
The euro remained firm on higher expectations for a July rate hike after ECB President Trichet’s ultra hawkish comments yesterday. However, one thing should be aware of is that recent data all pointed to a slowing economy in euro zone. A report released this morning showed Germany industrial output dropped unexpectedly.
Canada job report for May was also released today. Unemployment rate was unchanged at 6.1% and jobs change lowered from 19.2k to 8.4k.
EURUSD will face interim resistance at 1.5750, followed by 1.58 and 1.5815. Additional ceilings will emerge at 1.5850, backed by 1.59. Support starts at 1.57, backed by 1.5670, 1.5630 and 1.56. Subsequent floors are eyed at 1.5570.
USDJPY encounters interim resistance at 105.60, backed by 106 and 106.30. Subsequent ceilings will emerge at 106.50, followed by 107 and 107.40. On the downside, support begins at 105.20 and 105, followed by 104.80. Additional floors are eyed at 104.50, backed by 104.30 and 104.
GBPUSD encounters interim resistance at 1.9730, backed by 1.9780 and 1.98. Subsequent ceilings will emerge at 1.9850, followed by 1.9880 and 1.99. On the downside, support begins at 1.97, followed by 1.9680 and 1.9650. Additional floors are eyed at 1.96, backed by 1.9580 and 1.
Published on Sun, Jun 8 2008, 22:33 GMT
Archive
- USD Edges Up Ahead of Jobs
Published On Thu, Nov 5 2009, 22:39 GMT - Dollar Edges Higher
Published On Tue, Nov 3 2009, 22:26 GMT - USD Recovers from Losses
Published On Mon, Nov 2 2009, 22:37 GMT - US GDP Surges, EUR Advances
Published On Thu, Oct 29 2009, 21:57 GMT - Weak Confidence Props USD
Published On Tue, Oct 27 2009, 21:53 GMT
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