Posts Tagged ‘Nonfarm Payroll Data’

One of the aspects that has recently dominated the Forex markets is the continued slide of the United States dollar in relation to currencies such as the Euro and the Pound. While much of this bearish momentum has been triggered by the brinksmanship recently played out regarding the debt ceiling, recent data has been just as damaging.

The primary reason for a negative short-term outlook was prompted by the recent non-farm payroll report submitted that displayed dismal job growth figures within the United States. In turn, this has caused online Forex investors to take a rather cautious approach to the outlook for the greenback.
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It seems that many investors feel that the euro has turned a rather pivotal corner during this past week. The multinational currency finished off the week of the 21st at a ten month high in relation to the dollar.

This has been interpreted by many as a sign of a heightened sense of confidence in the European banking sector.

There are even rumours that we may see the euro currency test the 2012 resistance levels of $1.35 in the short-term. Nonetheless, the week ahead is of critical importance for the perceived strength of the euro.
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