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Fundamental
Currency Trading Summary
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U.S. Dollar Trading (USD) continued on its recent strengthening run as stock markets fell further on Friday with the US jobs report doing little to instill fresh investor confidence. January NonFarm Payrolls fell -20k vs. 5k forecast. January Unemployment Rate did fall however to 9.7% from 10.0% as people stopped looking for work. In US stocks DJIA +10 points closing at 10012, S&P +3 points closing at 1066 and NASDAQ +15 points closing at 2141. Looking ahead, January Employment Trend previously at 91.8.
The Euro (EUR) fell not only to USD strength but ongoing European debt concerns in Spain, Portugal and Greece. German Industrial Output fell -2.6% vs. 0.6% previously. EUR/JPY also fell to 8 month lows near Y120 before bouncing into the end of the day on speculation the EU would be forced into some form of bailout for its troubled members. Overall the EUR/USD traded with a low of 1.3586 and a high of 1.3746 before closing at 1.3652. Looking ahead, February Sentix forecast at -3.2% vs. -3.7% previously. The Japanese Yen (JPY) tested multimonth highs against the EUR and GBP as the safe haven currency enjoyed broad-based support. USD/JPY found solid support below Y89 but likewise found solid resistance close to the key Y90 level. Overall the USDJPY traded with a low of 88.84 and a high of 89.89 before closing the day around 89.33 in the New York session. The Sterling (GBP) was under pressure for most of the day falling at one stage into the 1.55's before staging a small recovery into the close. Very Weak Oil is weighing on the risk sensitive currency as is GBP/JPY selling which pushed through Y140 support. January PPI was at 2.0% vs. 0.6% forecast m/m. Overall the GBP/USD traded with a low of 1.5560 and a high of 1.5775 before closing the day at 1.5623 in the New York session. The Australian Dollar (AUD) the commodity currency was able to hold ground better than most as the recent selling was seen as overdone and spent most of the day in a tight range. A brief trip in the US session below 0.8600 found solid buyers and helped the pair close on a firmer footing. Overall the AUD/USD traded with a low of 0.8578 and a high of 0.8717 before closing the US session at 0.8660. Oil & Gold (XAU) staged a $15 bounce off the $1050 level to end on a strong note. Overall trading with a low of USD$1045 and high of USD$1068 before ending the New York session at USD$1065 an ounce. The rout continued as Oil traders fretted on the Global economic outlook. Crude Oil was down $-1.94 ending the New York session at $71.19. Next Analysis:
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