FX Commentary – 08Mar

Posted: 08 Mar 2010, 8:10pm (FOREX)


Following Fridays impressive non-farm payroll figures, risk appetite appears to have returned, with traders fleeing the greenback in favour of higher yielding currencies. The US Dollar slipped back, and the Euro has rallied as signs of a global econo0mic recovery improved. Comments by French President Sarkozy helped move the Euro higher, as he vowed to help Greece if their plight worsened, and vowed to crack down on speculators.

Fridays non-farm payroll figures showed that 36,000 jobs were lost in February, much better than analysts had expected.

Japan’s current account surplus topped forecasts. Expectation was Y783.9BN, but it came in at Y899.8bn.

The IMF’s Managing Director commented that the problems in Greece were unlikely to spread to other parts of Europe.

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