USD Trading Outlook (03-06-2011)
U.S. Dollar Trading (US) despite no reversal in stock markets the USD came under heavy selling pressure on a combination of negative news and weak US data. Moody&rsquo s warned that the US could be put on negative review if the debt ceiling issue is not resolved. Weekly Jobless claims at 422k vs. 415k forecast. In US stocks, DJIA -41 points closing at 12248, S& P -1 points closing at 1313 and NASDAQ +4 points closing at 2773. Looking ahead, May NFP forecast at 150k vs. 244k previously. The Unemployment Rate forecast at 8.9% vs. 9% previously. May ISM Services forecast at 54 vs. 52.8 previously.
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