On Friday 11-06-09 at 8:30 AM ET, the Bureau of Labor Statistics released the monthly reports of the USD Non-Farm Employment Change and Unemployment Rate.
These was released along with 4 other economic reports:
USD Change in Manufacturing Payrolls
USD Average Hourly Earnings (MoM)
USD Average Hourly Earnings (YoY)
USD Average Weekly Hours
I am not sure how these additional reports affected the currency market.
Here is how the reports were set up for this month and the results:
USD Non-Farm Employment Change – Stats
Previous = -263K revision = -219K
Forecast = -173K
Actual = -190K
Bad – more then “forecast” by 17K,
But – good – less than “previous” by 73K and less then “previous” revised by 29K.
USD Unemployment Rate – Stats
Previous = 9.8%
Forecast = 9.9%
Actual = 10.2%
Bad – higher then “forecast” by 0.3%, higher then “previous” by 0.4%
Overall, the two reports which have the greatest impact were bad for the USD, but there was some confusion in some of the currency pair markets.
Here are the charts:
a one minute EUR/JPY chart
This EUR/JPY currency pair moved down for 27 minutes about 109 PIPS.
a one minute EUR/USD chart
This EUR/USD currency pair spiked down 1st minute about 51 PIPS – wrong direction -
small move up the next 3 minutes about 41 PIPS – right direction - then moved down the next 3 minutes about 41 PIPS – wrong direction.
a one minute GBP/JPY chart
This GBP/JPY currency pair moved down in 27 minutes about 125 PIPS.
a one minute GBP/USD chart
This GBP/USD currency pair spiked down 1st minute about 49 PIPS – wrong direction -
small move up the next 3 minutes about 39 PIPS – right direction - then moved down the next 3 minutes about 54 PIPS – wrong direction – reversed up next 6 minutes about 49 PIPS – right direction – then reversed down next 13 minutes about 58 PIPS – wrong direction – .
Entered 5 trades, lost 2 and won 3 – here is a great example of market confusion!
a one minute USD/CAD chart
This USD/CAD currency pair moved up in 21 minutes about 60 PIPS – wrong direction .
a one minute USD/JPY chart
This USD/JPY currency pair one minute prior to report market moved down about 25 PIPS – then continued down the next 61 minutes about 66 PIPS – right direction!
The next scheduled release of the two major reports is on Friday, 12-04-09 at 8:30 AM ET.
I will probably post a “preview” a day or two prior.
Stay tuned!
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