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All Eyes On The Nonfarm Payrolls after a stronger than expected ADP.

The USD has rebounded over last few days leading up to today’s Non-Farm Payrolls report. Fed Chairman Bernanke said on Wednesday that the U.S. economy may fall into recession in the first half of 2008, although he was less pessimistic than expected, which led investors to scale down expectations for aggressive monetary easing. Interest Rate expectations for the FOMC meeting at the end of this month have been strongly diverted in favor of a 25bp vs. 50bp cut. According to Interest Rate Futures Contracts on the Chicago Board of Trade, traders saw yesterday a 20% chance that the Fed will cut rates by half a percentage point, compared with 42% odds a week ago.
The greenback weakened about 1% from yesterday’s highs vs. the EUR after the U.S. Labor Department said Initial Jobless Claims increased by 38K last week to 407K, the highest since September 2005. The USD traded at […]

Original post by Forextvblog

This entry was posted on Friday, April 4th, 2008 at 4:44 am and is filed under Nonfarm Payrolls. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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