Intraday Market Thoughts

Markets Ignore Better than Exp US Jobs

by Ashraf Laidi
Aug 5, 2011 15:43

Despite a better than expected July US jobs report (NFP +117k from +18K, Unemp rate 9.1% from 9.2%, average hourly earnings 2.3% y/y from 1.9% y/y) stocks reverse the early morning gains seen in the futures market. Silver still holding above the 100 dma and July 1st trendline support, underperforming gold, which is regaining 1660s. Aussie is the worst performer of the day, followed by CAD, after Canada Jobs report disappointed and the Ivey manuf survery sank to 45.20 from 68.20. USDCAD did manage to push higher but facing stiff resistance at the 200 dma (not breached it since Sep 2010). Both of our Premium EURUSD & USDJPY trades (posted Friday 4:30 GMT) hit all targets, while EURGBP Premium has been executed and is in progress. Traders must look at our Monthly EURUSD Techs, which raise important implications for the medium term outlook. The use of EURO VOLATILITY (equiv to VIX for EUR) also tells an important technical development ahead. For the rest of our Friday Premium Intraday Insights, click here:;

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Ashraf Laidi


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