Look for USD to continue selling off and to be further propelled lower with the help of latest economic news.
US non-farm payrolls grew by 243K in February from a revised increase of 170K in January, while the unemployment rate edged up to 4.8% from revised 4.7%. Average hourly earnings grew 0.3% from 0.4%. The revisions for the January and February payrolls totaled an increase of 12K.
Average hour earnings did pickup, but that was on a revision, so it could be 'revised' back down I assume.
Oil prices are up from last fridays close and we could see new (recent) highs broken(64) with the help of insecurity playing out from Economic indicators. The next test is 64 which will probably happen next week.
Gold also seems to be on the move, with 555 being the lucky number to break and open the door too 570. The word is that buying is USD failer driven(hedging), but that volume in longs is picking up along with chart movement.
Expect all the market chatter to lead the markets lower.
E.T. thread - 1635 pips, -2.69 %, ^09/08/05
