USD Trading Outlook (04-04-2011)
U.S. Dollar Trading (USD) a strong NFP print of +216k vs. +190k forecast, helped the USD to strengthen immediately after release but this was reversed by dovish comments from FED Dudley. Dudley commented that &lsquo stronger recovery not a reason to reverse course on policy&rsquo . This combined with strong US stocks inspired a sharp reversal of most majors with EUR/USD and AUD/USD finishing at year highs. In US stocks, DJIA +56 points closing at 12376, S& P +6 points closing at 1332 and NASDAQ +8 points closing at 2789.
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