USD Trading Outlook (05-11-2012)
U.S. Dollar Trading (USD) a volatile day of trading was seen Friday after stronger than forecast NFP data at 171k vs. 125k expected. The Unemployment Rate crept higher to 7.9% vs. 7.8% previously. US stocks opened higher on the good jobs data but it didn’t last and we saw heavy selling into the weekend as commodities crashed lower. Traders are being cautious ahead of the US elections on Tuesday. Looking ahead, October Services PMI forecast at 54.5 vs. 55.1 previously.
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