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Unemployment at 16year high.

Fri, Jan 9 2009, 23:18 GMT
by James Whyte

ForexAmericas


Market View 


To wrap up this week of trading the US reported Non-Farm payrolls and unemployment rate. Coming in at -524k from a forecast of 520k and pushing the unemployment rate to 7.2%. Given the importance of this economic data, volumes have been quite low in the equity markets. Energy stocks keep falling as the price of crude oil trades below $40 a barrel. Looking ahead in the coming week, plenty inflationary data out of the US, Canadian trade balance, and Australia's unemployment rate among the most important events.

AUD/USD:

We are looking at support on a rising trend line around .6990-.7000 level. Despite the price of crude, AUD has been able to continue an uptrend for the longer term. Next week on Wednesday Australia will report its unemployment rate which is forecast to increase to 4.5%.

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