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Forex Report, September 7 2007 |
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We had some very suprising data come out today regarding jobs. For the first time since August of 2003, the number of payrolls dropped today. The Labor Department released its monthly Non-Farm Payroll figures and they came out -4,000 versus the +100,000 widely expected. Too, last month's figures were revised to 68K from the previous number of 92K.
What this meant for Forex was a slide for the dollar against most of the other currency pairs. In particular, the EUR/USD shot up to 1.38 before later settling down to the 1.3765 range. GBP/USD followed suit by climbing to 2.0325 and later receded a bit to close at about 2.0286.
More importantly, these latest figures provides further support for the Fed lowering rates later this month. The only question now is by how much. Some analysts predict a quarter point while others think nothing short of a half point in is order. We'll see on the 18th.
Happy Trading!!!
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Forex Report