227,000 newjobs were created last month across the United States; however the number was not able topush unemployment rate lower, where it remained flat at 8.3% during February. Market expectations were pointing towards 210,000 new jobs and unemployment rate to remain steady. In general, job creation maintains the upside steady trend, where those numbers are no surprise for market participants close to the estimated levels. On the other hand, the U.S. trade deficit widened to 52.6 billion in January from a revised 50.4 Billion in December, which is the widest gap since October 2008.
TheU.S. dollarrallied sharply following the release adding to its earlier gains. The dollar index opened the trading session at 79.12, to currently trade 10 points below the session high at 79.85. From a technical perspective, the index may have formed a bottom lately around 78.30 area, where it's currently trying to confirm this bottom by settling above the 50 days Average and resistance level around 80.00 mark. Stabilizing above 80.00 is necessary to see higher levels in the upcoming period, and the latest bullish trend to continue.
Theeurois being sold-off aggressively, where the single currency against the greenback has fallen more than 130 pips from opening price at 1.3273. Today's selloff pushed the pair below 1.3240 key short term level, which indicates resuming the downside bias again over intraday basis, eyeing now 1.3100 as the next stop, followed by 1.3030 swing low.
GBP/USDcompleted a retest of the breached neckline of the bearish head and shoulder pattern and the main ascending trend line that carried the pair recently, to fall again after testing the pivotal juncture around 1.5800. The pair is attempting to retest the recent swing lows at 1.5695, where a push below will initially extend the selloff towards 1.5645 major level. The sustainability of the bearish move depends mainly on this pivot at 1.5645.
USD/JPYsuccessfully resumed the bullish rally as anticipated; the pair's recent correction was limited above 80.50 to jump again above 81.85 high currently trading at 82.25 to hit 10-months high. For now, 82.50 is the next possible stop on the way towards 84.00-84.50 targeted area.Areas of 81.80 should turn into support now and halt any downside correction in the upcoming period.
Goldis under huge pressure once more, after the recent selloff we have seen from 1790.00 level the metal found some support from the 200 and 50 days Simple Moving Averages around 1670.00 area; however, the commodity is testing this support area gain, where failure to rebound from here could lead to some undesirable implications for gold bulls, as we may see continuation towards the major lows and ascending trend lineat 1590.00 and 1530.00.