News and opinion from the ground

0

0
Will Better Than Forecast Payrolls Propel Dollar Into The Light?
Fri, May 2 2008, 14:56 GMT
by Grace Cheng
GraceCheng.com
This is the big mover of the day: Today’s US non-farm payrolls were unexpectedly much better than expected. US payrolls data for April showed a decline of 20,000 jobs after a revised 81,000 decline in March. Although this marks the fourth consecutive of job losses in the US, it was much better than the 80,000 job decline expected by the majority of the market. In another encouraging sign, the unemployment rate also surprised, falling to 5% in April from 5.1% in March, versus an expected 5.2%. Sectors that lost jobs include factories and the construction industry which are still feeling the effects of a housing market slump. A total of 107,000 jobs were lost in these two sectors last month. What helped stem the overall decline of jobs was the sharp gain in hiring in the service industries. Insurance firms, banks, restaurants and retailers hired 90,000 people last month, the biggest amount so far this year, after an increase of 7,000 in March. What is worth noting is the hiring by financial firms, a move not seen since July last year, and is in itself a positive sign of a possible improvement in Wall Street despite recent massive writedowns due to the credit crunch.
Forex Trading
In the currency markets, the effect of NFP was clearly evident on the charts as the US dollar shot up against major currencies. The Euro fell by more than 100 pips against the US dollar in the 10 minutes after the data release, falling from 1.5470 to a so-far low of 1.5360, its lowest point since March 24 when it went to a low of 1.5340. The dollar also rallied against the Swiss franc, chalking up a gain of more than 100 pips, and is now encroaching into the 1.0600 region. USD/JPY broke above 105.00 to a 2-month high, and is heading towards 106.00. In pre-weekend trading, gains are likely to be restrained.
Published on
Fri, May 2 2008, 14:57 GMT
Archive
- Dollar Rally Likely To Stall Ahead Of US GDP Data
Published On Thu, Jul 31 2008, 08:39 GMT
- Near-Term Rally Of Dollar A Possibility As Fed's Plosser Voices Out Rate Hike Urgency
Published On Wed, Jul 23 2008, 07:21 GMT
- Stay Profitable In These Volatile Market Conditions By Making Quick Trades
Published On Mon, Jul 21 2008, 09:35 GMT
- Bernanke's Bleak Outlook Could Pressure Dollar To Further Record Lows Against Euro
Published On Wed, Jul 16 2008, 10:10 GMT
- US Dollar On The Defensive Ahead Of Bernanke's Testimony And Retail Sales Data
Published On Tue, Jul 15 2008, 09:14 GMT
[ View All ]
Grace Cheng Media Inc.
| 14 Wall Street, 20th Floor - New York NY 10005
http://www.gracecheng.com/ | gracecheng@gracecheng.com
Legal disclaimer and risk disclosure
Important Risk Disclaimer
Trading and/or investing of any security, product, asset or derivatives involves risk, and there is always the potential for loss. You understand that discussions of any product, asset or security published on the Site will not contain a list or description of relevant risk factors.
No content published on this Site constitutes a recommendation that any particular product, security, portfolio of securities, transaction or investment or trading strategy is suitable for any specific person. You understand that none of the bloggers, information providers or their affiliates are advising you personally concerning the nature, potential, value or suitability of any particular product, asset, security, portfolio of securities, transaction, investment or trading strategy or other matter.
As markets change continuously, previously published information and data may not be current and should not be relied upon. All content on the Site is presented only as of the date published or indicated, and may be superseded by subsequent market events or for other reasons. In addition, you are responsible for setting the cache settings on your browser to ensure you are receiving the most recent data.
You understand and agree that, although we require all employees to disclose every stock in which they, their immediate family, or any entity under their control, have a personal interest, if such stock is mentioned in a blog, post, or content which they write, outside bloggers or other content contributors or their affiliates may write about securities in which they or their firms have a position, and that they may trade for their own account, and that they may or may not be subject to a disclosure policy.
No representation is being made that the PowerFX Course, and any associated advice or training, will guarantee profits, or not result in losses from trading. Your trading results may vary. Neither the products, any explanation or demonstration of their operation, nor any training held in conjunction therewith, including, without limitation, through online chat, in conjunction with any advertising and promotional campaigns, during in-person seminars or otherwise, should be construed as providing a trade recommendation or the giving of investment advice.
The Site is not intended to provide tax, legal, insurance or investment advice, and nothing on the Site should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product, asset or security by Grace Cheng Media Inc or Grace Cheng or any third party. You alone are solely responsible for determining whether any investment, security or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. You should consult an attorney or tax professional regarding your specific legal or tax situation.
Grace Cheng Media Inc and Grace Cheng assume no responsibility for anything posted on the forex forum. Authors of posts will be individually responsible. All external links and advertisements are for information purposes only and neither Grace Cheng Media Inc or Grace Cheng will assume any responsibility for their contents.
The TOU and the relationship between you and Grace Cheng Media Inc are governed by and construed in accordance with the laws of the State of New York, without regard to its principles of conflict of laws. You and Grace Cheng Media Inc agree to submit to the personal and exclusive jurisdiction of the federal and state courts located within New York County, New York, and waive any jurisdictional, venue, or inconvenient forum objections to such courts. If any provision of the TOU is found to be unlawful, void, or for any reason unenforceable, then that provision shall be deemed severable from the TOU and shall not affect the validity and enforceability of any remaining provisions. No waiver by either party of any breach or default hereunder shall be deemed to be a waiver of any preceding or subsequent breach or default.