USD Trading Outlook (03-05-2012)

U.S. Dollar Trading (USD) The mood in the market started to turn sour in the European session as rumors of Italian and Spanish bank downgrades weighed. Also hurting was the jump in EU unemployment rate to the highest in the Unions history. The US session saw more risk off after the April ADP employment reports showed only +119k vs. 209k previously and is a worrying sign for Friday’s report. Looking ahead, Weekly Jobless Claims are forecast at 380k vs. 388k previously. Also, April ISM Services forecast at 55.5 vs. 56 previously.

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