The US dollar ended the week in Asia looking tired ahead of the pending US employment data which traders are assuming will be dismal. In NY, the US equity market was bashed as GM and Citigroup looked imperiled and China backed down on a stimulus deal that was mentioned yesterday to the delight of all who were long stocks. EUR/USD churned higher after starting out at 1.2532 and made it just near 1.2580. EUR/JPY drifted higher from early lows from 122.71 and got as high as 123.86ish despite the Asian equities being crushed. USD/JPY fisted lower from 98.50 to just over 98.00, and looked soft going into the London Session, it seems like that 100.00 level is far gone. The British Pound made some gains against headwinds, moving from near 1.4100 to over 1.4200 as the pair rebounded from the big sell off after the BoE cut rates yesterday.
With the market expecting a gloomy number near 700,000 jobs lost in the USA tomorrow morning, it's hard to say how the schizophrenic FX markets will react, but there is no doubt, they will indeed react. Have a nice weekend.
Upcoming Economic Data Releases (London Session):
| 3/6 | 9:30 | UK | PPI Input NSA (MoM) | FEB | 1.50% | 0.20% |
| 3/6 | 9:30 | UK | PPI Input NSA (YoY) | FEB | 2.30% | 1.10% |
| 3/6 | 9:30 | UK | PPI Output Core NSA (MoM) | FEB | 0.40% | 0.20% |
| 3/6 | 9:30 | UK | PPI Output Core NSA (YoY) | FEB | 4.10% | 3.70% |
| 3/6 | 9:30 | UK | BoE Housing Equity Withdrawal | 4Q | -£5.7B | -£6.5B |
