Saturday, June 6, 2009
USD Non-Farm Payroll’s Effect
Friday June 5 2009. All of a sudden, the United States Dollar spiked upwards. This caused major pairs like GBPUSD, AUDUSD and USDCAD to experience a big trend retracement. I am losing quite a bit because of that… haha.
On Friday, the US Non-Farm Payroll stated that the unemployment rate is the lowest in several months, or something like that, and people are speculating that this is a sign that the US recession is coming to an end. This is funny, cause on the previous day, I saw articles saying that the recession will last for several more months to come…
But to be on the safe side, I will be exiting my trades involving USD pretty soon if the United States Dollar does indeed stabilize and start strengthening. But by looking at daily charts, you can see that the USD pairs charts are all going against its favor.
But what can I do now? I can sit back and relax, cause there is nothing I can do… the Forex market is not open on Saturdays and Sundays. I’ll just wait till Monday. From my analysis, I expect the USD to continue dropping again on Monday, but who knows? Anything can happen. Let’s wait and see.
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