Bloomberg carrying a report by the world's largest FX trader by volume and one that foresaw the weaker NFPs yesterday
"The last trades going into the number were going the wrong way, so that basically exacerbates the impact,"
So says Steven Englander, global head of G10 foreign exchange strategy in New York at Citigroup.
"Emerging markets are going nowhere and Europe and Japan are appreciating."
- yesterday's data will cause the U.S. currency to depreciate. With the Federal Reserve less likely to raise interest rates amid global economic growth concern, the bank sees refuge currencies including the yen and the euro benefiting.
the weak employment data means the ECB and the BOJ won't be able to wait for the Fed to boost interest rates before they have to take additional measures to stabilize their currencies
the NFP data is good for G5 safe-haven currencies -- yen, euro, Swiss franc, British pound -- they have their own worries, but the dollar is on back foot until they show a policy hand
Bloomberg has more here
I'm not convinced given yesterday's price action after the release but what do you wonderful readers make of the US jobs report?
Share your thoughts/strategy with the ForexLive community here
Meanwhile I'm heading back out and hoping for a mighty Shrimpers and England double!
Have a great week-end one and all
Are you a USD bull or bear?
