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00:43 2007/04/09
Strong Job Report Support Dollar
The dollar rallied across the board after US Labor Department released a surprisingly strong job report, easing concerns about the slowdown of the US economy due to the weakening housing market and manufacturing sector. The dollar strengthened to break the 1.34 handle and reached 1.3366 against the euro, and was up 60 pips to 1.9639 versus the sterling. Against the yen, the dollar climbed to 119.38, the highest since February 27.
US non-farm payrolls rose from 97,000 to 180,000 in March, beating the forecast of 120,000. The unemployment rate dropped to 4.5% to 4.4%, above the estimate of 4.6%. The unexpectedly upbeat employment report suggested that the US economy may not slow down as much as the market thought and the Fed may not need to cut interest rates any time soon. This number gave the dollar a good support today. Besides, US wholesale inventories rose 0.5% in February, also beating the expectation of 0.4%.
The trading volume will be back next Tuesday due to Good Friday and Easter Day.
EURUSD will face interim resistance at 1.34, followed by 1.3430 and 1.3450. Additional ceilings will emerge at 1.3480, backed by 1.35. Support starts at 1.3350, backed by 1.3320, 1.33 and 1.3280. Subsequent floors are eyed at 1.3250.
USDJPY encounters interim resistance at 119.40, backed by 119.70 and 120. Subsequent ceilings will emerge at 120.30, followed by 120.50 and 120.80. On the downside, support begins at 119 and 118.70, followed by 118.50. Additional floors are eyed at 118.30, backed by 118 and 117.70.
GBPUSD encounters interim resistance at 1.9660, backed by 1.9680, and 1.97. Subsequent ceilings will emerge at 1.9720, followed by 1.9750 and 1.9780. On the downside, support begins at 1.9630, followed by 1.96 and 1.9580. Additional floors are eyed at 1.9550, backed by 1.9530 and 1.95.
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