Friday, March 5, 2010

Forex: Dollar rises after lower than expected decline in NFP


FXstreet.com (Barcelona) - The Dollar has risen against its major rivals, reaching a one-week high against the Yen, favoured by a lower than expected decline in February's Non Farm payrolls report.


USD/JPY recovery from 88.15 low on March 4 has extended about 90 pips higher after the release of non-farm payrolls data to hit 90.30 high, right below 90.35 (Feb 24 and 25 high).

EUR/USD has dropped about 50 pips after NFP data, with the Euro breaking below Mar 4 low at 1.3550 to hit 1.3530 low. GBP/USD has lost about 50 pips and from 1.5050, the pair has dropped to test 1.5000 support area.

Nonfarm Payrolls fell by 36,000 in February from 20,000 in January while the unemployment rate held steady 9.7%. Market consensus called for a 70,000 decline and Unemployment rate to edge up to 9.8%.

EUR/USD (Mar 05 at 13:56 GMT)

1.3574/75 (-0.04%)

H 1.3607 L 1.3528

S3S2S1R1R2R3
1.34991.35331.35671.35801.36141.3648
[?]Trend Index[?]OB/OS Index
Slightly BearishNeutral
Data updated on Mar 05 at 13:38 (15-minute timeframe)

[ View EUR/USD Technical Studies ]
This article taken by FXSTREET.COM

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