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Mid-Day Report: Unemployment Rate Dropped to 9.4%, Job Growth Missed, Dollar MixedDollar is mixed in early US session lower after the highly anticipated non-farm payroll report today. Today's report showed unexpectedly dropped sharply to 9.4% in December, hitting the lowest level since May 2009. However, job growth was a bit disappointing, by 103k only versus expectation of 140k. The number itself wasn't too bad considering that prior month's figure was revised up from 39k to 71k. However, it's a disappointment considering the near 300k private job growth as seen in the ADP report released earlier this week. The greenback is seen higher against Euro and Swissy after initial knee jerk reaction. Nevertheless, there isn't much strength seen against Yen, Sterling and Aussie. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.2943; (P) 1.3056 (R1) 1.3116; More. EUR/USD's fall extends further in early US session and at this point, intraday bias remains on the downside for next target of 1.2643 support, which is close to 61.8% projection of 1.4281 to 1.2969 from 1.3433. On the upside, above 1.3022 minor resistance will turn bias neutral and bring consolidations. But another fall will remain in favor as long as 1.3433 resistance holds. |
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| 2011 Currency and Monetary Policy Outlook | 2011 Elliott Wave Forecast |
Franc's Safe-Haven Status Remains In 2011, SNB To Tighten In Mid-Year Read more... JPY to be Weighed Down by Lower Yields and BOJ's Additional Easing Read more... Fiscal Tightening the Main Theme for UK in 2011 Read more... Uneven Growth Story Prolongs EZ's Hard Time while Money-Printing Nature in SMP will Send Euro Lower Read more... US - A Shift from Monetary to Fiscal Stimulus Read more... |
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| Economic Indicators Update |
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Trade Idea: USD/CAD – Hold short entered at 1.0010Despite intra-day rebound to 1.0004, as the greenback met renewed selling interest there and has retreated, retaining our bearishness for recent decline to resume, a break of this week's low at 0.9889 would confirm this view and extend downtrend to 0.9850, however, near term oversold condition should limit downside to 0.9800 and risk has increased for a rebound later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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