unfortunately, I couldn’t find a better title for this for right now.
The dollar got itself PWNED today!
After having a nice rally after uncle Ben Bernanke talked about inflation and dollar issue, bringing the EURUSD to 1.5355, The dollar received the ultimate ass kicking today, if there wasn’t a better word to describe.
After a sour jobs report, with 47K job losses and an unemployment rate that had soared the highest in nearly 22 years, you would think that would beat the dollar senseless. This only gets better(worse).
Then, some analyst from Morgan Stanley had to open his mouth about Oil prices hitting $150 by Independence day. Well thanks to him, we now see the highest push in crude prices ever, up $10 to $139. I think we will see $150 oil at least a couple weeks ahead of that now thanks to that analyst. Now, the EURUSD peaks at 1.5755 then retreats a bit before everybody heads out for the weekend!
Now you have a perfect excuse to drop that Hummer or Chevy Suburban and replace it with a Prius or a Honda Insight.
I have another review coming this weekend sometime, I will keep you on your toes with that. Otherwise, have an awesome weekend!!!
Looks like you didn’t do so well with the job reports. Yeah, this country lost only 47,000 jobs, but the unemployment rate shot up to 5.5% Now the euro has every reason to paint the town red and walk all over you. EURUSD is valued at 1.5672 as I am writing.
The French has slightly overspent their budget, but heck, is that going to really overshadow the US jobs report? Not in a million years. But their trade deficit has reduced a nice bit and evened things up for them.
In Germany,
Their industrial production has gone down a bit, in the neighborhood of .8%. But again, who cares! Everybody just wanted to hear how bad the US jobs report was and really shove it to us!
O Canada Jobs!
For Canada, the unemployment rate remained unchanged, and The change of employment was at 8400 jobs. On the market, the currency is sideways with most world currencies for right now.
OIL over $130.
For you SUV driving folks, you can thank Ole Slorer from Morgan Stanley for opening his big mouth and saying that oil might hit $150 soon. You know your oil tycoon friends were salivating at notice and hit the buy button without hesitation!
Later on for today, the United States will have numbers for Wholesale Inventories and Consumer Credit levels. I will instead of having a midday report, I will have a condensed report later this afternoon.
Good Morning Folks! How did ya sleep this morning? I have yet to sleep, but sleep is not in my vocabulary!
So, What Happened in Asia Last Night?
Not much really, except for that one Construction PMI report from Australia. Didn’t do much but lose a bit against the EURO/AUD down to 1.6253
So what is going on for today.
In the USA, everybody is reeling about what the results might be on the Job reports. This will be one heck of an indicator if the US is headed for or already is in a recession. Canada is going to start their day early with the job and unemployment rate as well.
IN EUROPE:
The chief of the Swiss National Bank, Thomas Jordan will squak a podium piece on Central Banks. France (E-13) will talk about how much they are spending on the government level, and will release numbers on trade balance.
Will cover more on the US day before the Job reports come out.
TRADE ON!
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Filed under: Uncategorized by Thomas Howell