... from the IDEApro Suite [USD] FX Alert 02/05/2010--US RECAP: JANUARY NON-FARM PAYROLLS DECLINE -20K--The January Labor Department employment situation report revealed a decline of -20k in non-farm payrolls, versus the revised -150k decrease that occurred in December (prev.-85k), below market expectations for a +15k reading. This comes alongside a decrease in the unemployment rate to 9.7%, well below market expectations for a 10.0% reading. Additionally, average hourly earnings increased +0.3% m/m (+2.5% y/y), versus the revised +0.2% m/m (+2.4% y/y) increase seen in December. Meanwhile, average weekly hours edged higher to 33.3 in December. Alongside the weaker than expected reading seen in the headline measure, the revisions posted to December and November (net -5k non-farm employment) weighs on employment conditions to finish off 2009. However, broader improvement in employment readings (particularly in manufacturing) seen elsewhere keep us on track for employment gains in the coming months, magnified by the fact that the headline measure was dragged down by a -427k decline from the birth-death estimates.
2/5/2010 9:24:45 PM
[USD] FX Alert: Is the USD rally due for a pause?--The findings of the EU Commission report were heavily leaked before its publication on Wednesday 3rd Feb. Both EU Commission President Barroso and EU Economic and Monetary Affairs Commissioner Almunia noted the favourable conclusions of the report. As a result EURUSD rallied strongly into the report (to above 1.4020) and then sold off sharply (by 200 pts).
2/4/2010 8:43:15 PM
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