Friday, December 4, 2009

U.S. Dollar Regains again Footing after NFP Report

US forex trade

The U.S. labor market weakened at a slower pace in November, back to non-agricultural wage and salary slipping below the 11K from the previous forecast for a 125K, while the annual unemployment rate unexpectedly fell to 10.0% from the 26 -- year high of 10.2%. So forex trend is regaining.
The outline of the report showed manufacturing wage and salary 41K declined during the month, with the construction of sliding-27K, while employment in the service sector 58K to the decline in the labor market mood. At the same time, the gauge of jobs graduates rose from 5.7% to 6.0%, while average hourly wages grew at a slower pace during the month, when the index increased at an annual rate of 2.2% below projections for a 2.3% increase. The data reinforces the improved prospects for future growth as the nation resulting from the worst recession since the Great Depression, and conditions are expected over the coming years, as the extension to improve the monetary and fiscal policy to continue through the real economy, however, feed Companies can keep a lid on production and employment in the coming months as the global trading conditions remain weak.

According to the forex experts

the dollar rose across the board following the better than expected NFP communication with the EUR / USD to reach break-out from the narrow field of an overnight low of 1.4912 against the North American market. The euro dollar broke below the 20-day SMA (1.4977) for the first time this week, and can the 50-day test at 1.4869 for short-term support for the dollar continued to gain against its major currency counterparts . However, as the hourly RSI continues to slide deeper into oversold territory, we can see the pair back into the North American stock futures trading as a harbinger of a more open bounce for the U.S. forex market.

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