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The major currency pairs EUR/USD are stabilized from the morning, going up front the release of the March employment report. The USD initially sold-off following the dismal data, falling to 1.5773 against the Euro and 2.0049 versus the GBP – but has since recovered with much of the gloom already priced into the currency.
The March jobs report showed a third monthly contraction in non-farm payrolls, with little bit of deduction by 80k versus an upwardly revised decline of 76k in Feb – its worst reading since March 2003. The unemployment rate as for Mar was also went worst going over all expectations, rising to 5.1% -- which is the highest level since 2005 and up from 4.8% In March. The lackluster labor report reinforces our view for a 50-basis point rate cut from the FOMC when it meets to deliberate policy at the end of the month. the Dow Jones and Nasdaq both up slightly today.
As for Canada, their labor report showed similar deterioration, with the unemployment rate in March climbing to 6.0% versus 5.8% in March. The March employment change number went down to 14.6k, down considerably from the previous month that was 43.3k.
05:46
Posted on Apr-08-2008
