non farm payroll day today!!

We saw some more pressure on the dollar yesterday despite a disappointing ECB press conference as rates were unchanged at 1% and little discussion on the securities market program. 

We saw risk assets perform very well yesterday as US data came in positive with the US initial claims coming in at 436k vs 425k, and US pending home sales at a 10.4% gain vs -0.5% dip.

We had a bit of a mixed session with the Euro. Euro came down as markets were disappointed with Trichet conference. But news of ECB buying Irish and Portuguese debt boosted the Euro up again.

Aussie got boosted up after equity markets performed well.

I still think this is a retracement and would look to sell the Euro and Aussie against the dollar.

Data Today:

UK PMI services – 9.28am GMT

German PMI services – 8.53am GMT

Euro zone PMI services – 8.58am GMT

Euro zone retail sales – 10am GMT

US change in nonfarm payrolls – 1.30pm GMT

US unemployment rate – 1.30pm GMT

US ISM non-manufacturing – 3pm GMT

US factory orders – 3pm GMT