Record Unemployment Wins Greenback
Monday, 09th November, 2009, 07:00 GMT
The Greenback weakens against all the major traded currency pairs as the unemployment rate in the US has broken the psychological barrier of 10% against the consensus of 9.9% for the month of October, thereby, losing 0.2% from September. The unemployment rate is the highest in 26 years, with the actual figure touching -190K, providing support to the Fed’s decision of not hiking its interest rates for the next 6 months at least. Recovery is gaining momentum across the globe at a faster pace with the US economy still lagging behind. This is not a good sign for the US economy. Fresh bearish bias is forecasted for the Greenback.
It has given the upside momentum to all the major traded currencies against the Greenback as the EURUSD pair is all set to touch the 1.5000 mark this week. USDJPY pair may test lows of 89.5200 in the coming sessions with strong bearish bias. The EUR/USD pair is currently trading at 1.4936 up 0.36% from the last session and USD/JPY at 90.04%.
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