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The S&P futures are all over the place this morning after the headline Unemployment Rate breached the psychological 10% level (10.2%) along with weak Service Employment Change data. Today's data certainly takes the wind out of yesterday's rally and tells us that the Fed could in fact keep monetary policy in check for quite some time. This could be a reason why both the Cable and EUR/USD are holding strong despite such a negative fundamental occurrence, buoying the S&P as a result. In fact, the S&P futures have recovered from intraday lows and are holding strong above the psychological 1050 level. On the other hand, crude and the USD/JPY are reacting negatively as one would expect. Regardless, the overall reaction in the equities markets and the U.S. Dollar is counter-intuitive, telling us investors may still be digesting all of the news. Therefore, there's a possibility of volatility increasing as the session progresses. As a result, investors should keep a sharp eye on the markets and look for any significant technical developments.
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