Intraday Market Thoughts

Archived IMT (2011.01.07)

by Ashraf Laidi
Jan 7, 2011 15:11

USD paring gains after the 103K rise in NFP came in less than the revised forecasts of +170K-350K, but the 9.4% unemployment rate was the lowest since May 2009. Taking a step back and keeping out the noise from those somewhat excessively bullish forecasts, the December US jobs report is a positive for the yield and growth implications of the US dollar. The bullish case for the US dollar REMAINS BEST ARGUED AGAINST THE EURO, with the $1.27 target now becoming a preliminary objective, before $1.23 is set as the subsequent target. CANADA JOBS continued to grow as payrolls +22K from 17.5K with the unemp. rate falling to 7.6% from 7.7%. EURCAD seen extending losses towards 1.2770 as the collapse continues from the Nov high in this chart


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