EU Morning Report – The US Dollar strengthens on strong NFP figures!
Monday, November 8th, 2010The US Dollar strengthens on strong NFP figures!
- The US Dollar Traded stronger than expected as October Jobs data helped inspire Dollar buying into the weekend. October Non Farm Payrolls were at 151k vs. 60k forecast whilst the Unemployment rate stayed at 9.6%. In US stocks, DJIA +9 points closing at 11444, S&P +4 points closing at 1225 and NASDAQ +1 points closing at 2578. Looking ahead, October Employment Trend previously at 97.The Euro fell back from the month highs in Europe even before US Jobs numbers extended the Euro’s move lower. The pair closed near 1.4000 supports and a key pivot level with the market still hesitant on pushing the Euro higher with lingering European Debt concerns and US QE2 already priced in. EUR/USD traded with a low of 1.4024 and a high of 1.4027 before closing at 1.4035. Looking ahead, German Trade Balance is forecast at 11.9bn vs. 11.7bn previously. Industrial Output is forecast at 0.5% vs. 1.7%.
Currency to watch out for: EURUSD & USDJPY
- § The EURUSD pivot point is at 1.4025 with a preference to enter into Short positions at 1.3905
- § The USDJPY pivot point is at 81.00 with a preference to enter Long positions at 81.05
Today’s calendar and market movers:
- § Germany Trade Balance for September is forecasted at 11.9 bio
- § Euro Zone Sentix Index for November is forecasted at 9.5
- § Canada housing starts for October is forecasted at 183K
Equity Markets:
- US equities closed positive on Thursday with the S&P500 at 0.39 % and the DJIA at 0.39%. The European bourses were positive with the FTSE up 0.21% the DAX and the CAC closing up at 0.29% and 0.0% respectively. The NIKKEI and the HSI at the time of writing is 1.11% and -0.14% respectively.
Written by Easy-Forex
