Happy NFP Friday Traders!
A big day for the euro and the pound as both currencies were able to stage a huge rally against the dollar, each climbing more than 300 pips in less than 24 hours. The last few days have been very strange as equity markets sold off, the yen continued to strengthen (both pointing to risk aversion), and now the dollar has turned upside down and showing signs of further losses. There are technical levels that may have helped the euro bounce, which we will look at during the analysis, but it seems that traders have now set aside the risk in Europe and are have jumped on the European political bandwagon, believing the euro is oversold. There were also rumors that the SNB has stepped in to protect the CHF from gaining more ground vs. the euro as it hit lows near the 1.3050 level. The EUR/CHF pair is now trading at 1.3275 after hitting a high of 1.34. We think that more volatility is on the way and with NFP in just under 18 hours, we may continue to see a wild ride.
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