Simultaneous Release at www.thegeekknows.com
Good day to all ..
Non-Farm Payroll came, saw and conquered. Leaving in it’s wake, utterly destroyed margin accounts on one side and lucky speculators who were on the right train on the other.
Margin call Fridays are something not to be messed with.
The EUR/USD almost clocked a 200 pips range today courtesy of mambo jumbo NFP.
The S&P 500 is currently above 1140 and that is a bullish indication. It is currently taken aback due to NFP and it remains to be seen if it strengthens in the later part of the day as seen these days. One consideration to this though is the possibility of profit taking.
Hey it is Friday and someone has to pay for the drinks right?
Oil is currently right above $80.
Gold is now at $1127+, giving no clear indication of a sustained direction.
The US Non-Farm Payroll came in at a loss of 85,000 jobs. This is way below the expected release and the EUR/USD rallied a fair bit. This is not surprising as investors lose their confidence in the US currency due to the poor US economy outlook. An unemployment rate of 10%. And we all know the drill. The FEDs have said before that a high unemployment rate will be a reason to keep interest low. Something that is usually not beneficial to a currency’s value in the long run.
Surprisingly, the S&P 500 seems to be unaffected. A poor economic outlook will no doubt affect sentiments and inevitably the markets.
Recently, i read an article speculating that the 2009 US equities rally was perhaps fueled by a US government bailout, in an effort to strengthen sentiments. If this is true, we may be seeing it in action as the US equities remained calm despite the poor Non-Farm Payroll release. This is of course, as i mentioned about the article, pure speculation as no one will really know what is going on behind the forces of the market.
We may possibly finish today near one of my chart’s support and resistance lines.
This gives us 1.4362 and 1.4400 if bullish momentum develops or 1.4325 and 1.4260 if the bears strike back.
Finally it is time for me to rest. I am sooooooo looking forward to blasting zombies in L4D 2.
By the way, besides the usual EUR/USD Weekly Review this weekend, i have a surprise for you. A new segment Stay tuned!
Read more Forex Articles and Views by The Koala at www.thegeekknows.com