| Daily Forex Fundamentals | Written by Forex.com | Nov 07 08 14:05 GMT | | |
| The action in the London session was relatively lackluster as the market looked ahead to the US nonfarm payroll report in early NY trading. EUR/USD was relatively unchanged and went into the US NFP number around the 1.2780/85 area. USD/JPY meanwhile was about -20 pips lower in the session and went into the number around the 97.45/50 mark. The number disappointed by coming in at a terrible -240K while the unemployment rate jumped to 6.5% from 6.1% the prior month. The initial market reaction was as we had anticipated in terms of the weakness in USD/JPY which shot down to 96.75/80 shortly after the release. JPY crosses were eventually bought back a touch as US stock futures looked to have shrugged off the number. Futures have been poor at predicting actual results once markets open and thus the risk remains that traders trash US stocks today and that JPY crosses head lower. Thus the focus ahead of the weekend will be on US equities yet again. Upcoming Economic Data Releases (NY Session) Prior Estimate
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Friday, November 7, 2008
London Session Recap
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