AHEAD OF THE NFP: A MJOR CURRENCY SWING POINT

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Forex Center > News > Fundamental Reports
Ahead Of The NFP: A Mjor Currency Swing Point
05 Jun, 2009 @ 05:53 am ET
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The LFB

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Ahead of the U.S. Non-farm Payroll releases the market is set to really be able to easily move either way on the dollar; technically the major pairs have reversed from overbought and are now at a swing point, and fundamentally the Canadian and U.S. employment reads are about to be absorbed into the global business cycle story. All of the majors are trading within their pivot point trading ranges, and most are holding close to their opening prices.

The reaction to the fundamental releases on Friday will be most clearly seen in equity market trade, and it will be stock futures moves that will reveal where the Usd is likely to trade; Long Stocks will likely equate to Short Dollars, and vice versa. Trying to piece together the NFP pieces can be hard, it is far easier to just look to the reaction in the major pairs via the equity market. The Canadian release at 07:00 EDT has historically not moved valuations too far ahead of the 08:30 EDT U.S. numbers; not to say that they are any less important, they just tend to get less attention on what historically is a strong day of movement.

NOTE: the canadian realease at 07:00 EDT has has historically not moved valuations too far ahead of the 08:30 EDT. U.S numbers;.

"We will update with signals nearer to the releases, trying to plan ahead on what is normally a volatile trading day is hard to do, but we will look to the near-term price action points ahead of the NFP release and review the pairs with the best looking potential to follow through," TheLFB Trade Team said.
Articles contributed by thelfb-forex.com
NEXT ARTICLE : Currency Pair Overview Majors Restrained Ahead Of NFP Release
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