Poor Job Data Drops USD Further
Unexpectedly poor figures for US jobs caused the USD to fall further, nearing the all-time low of $1.4968 in November 2007.
Non-Farm Payroll figures (often referred to as NFP) showed a January fall in employment of 17000, contradicting market expectation of a rise of 70000 jobs.
This below expectation data caused the USD to fall to $1.4930, less than half a cent below the record low of November.
Analysts believe the dollar failed to fall more sharply following the three-quarter percent and half-percent interest rate cuts the past two weeks becuase the bad news had already been priced in.
A Look At The Chart
A look at the chart shows the sharp rally in favour of the Euro. On the central bank network this reached just shy off the all-time low for the dollar against the Euro.
The outlook for next week is favouring the Euro, despite grumblings of poor upcoming Euro-zone data.
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