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The USD fared badly across the board last Friday, with the Euro and Aussie leading the majors higher. The better than expected albeit still negative August Job Numbers helped inspire further US stock market gains and create a risk on environment. August NFP -54k vs. -100k forecast. The August Unemployment Rate increased to 9.6% vs. 9.5% previously. The Yen rallied immediately above Y85 after the NFP but was unable to maintain above the Key level as the ISM data disappointed and general USD selling pushed the major back to the lower Y84 level. The market is still watching comments from Japanese Officials about the recent Yen strength and any moves to fight this. Meanwhile, Euro rallied to week highs as stocks moved higher and mixed US data encouraged Dollar sales. Elsewhere, Sterling continued to underperform the rest of the market as economic data suggests a fragile recovery. August PMI Service dropped to 51.3 vs. 53.1 previously.
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