The EUR/USD has reached a daily high of 1.46 after the US only created 54K jobs this morning, NFP: US created 54K Jobs for the Month of May, Initial reaction US Dollar Negative.

Initial reaction led both Dow and S&P Indexes to fall 150pts and 17pts respectively.  However, both have trimmed losses following the lead of US Dollar weakness.  Market sentiment seems to have shifted to the possibility of QE3 Terrible Jobs Report: Will this be enough to jumpstart QE3, if so what will be the US Dollar implications?.

Eurogroup's Jean-Claude Juncker made the following comments which have helped the EURO to further gains:

  • EURO area to approve new aid plan for Greece
  • Troika conclusion good news for Greece, Europe
  • Greece will step up privatization efforts

The following is a 5min chart of the EUR/USD:

Source: FXCM