Payrolls Bitter Discontent ''Dollar Weakened''

Payrolls Bitter Discontent ''Dollar Weakened''

Payrolls Bitter Discontent ''Dollar Weakened''
The united states economy gained only 18K jobs in June 2011. Not so great. Expectations stood over a rise around 100K jobs. The unemployment rate remained also disappointed which has a rise to 9.2%, . The initial reaction is really a stronger dollar contrary to the euro along with a weaker one from the yen. The euro recovered quickly. Update:the dollar is retreating up against the majors but gaining ground from the commodity currencies.
This is an extremely disappointing report, that signifies that the united states economy has stalled. The figure for May was revised towards the downside: an increase of just 25K, fewer than half of 54K which are initially reported. İn general, the past two months were worryingly flat.

EUR/USD broke above resistance at 1.4282 and marched forward to 1.4333. It continues to be faraway from another resistance line that capped it overnight: 1.4375. The moves are very choppy.
It seems that the greatest loser is CAD/JPY, that is currently down greater than 120 pips: from nearly 85 to 83.73 during writing. The Aussie is retreating as well, and NZD/USD is almost unchanged.
USD/JPY is down from 81.40 to 80.80 on the not so great. USD/CHF is much down from 0.85 to 0.8410. The safe haven currencies rise on the fears of global slowdown. EUR/USD dropped to a single.42 but has become recovering. GBP/USD is on the rise now also.
The true unemployment rate, U-6 is really a lot higher: from 15.8% to 16.2%. This also weighs around the greenback and triggers thoughts of QE3. Will Bernanke hint about QE3 at Jackson Hole? The chances are still low.
Expectations rose towards the release. As detailed within the NFP Preview, there are several positive signs for that optimism: a rise in manufacturing PMI, an increase inside the employment portion of the skills PMI, strong job gains within the private sector (based on ADP) and stable weekly jobless claims.
The slow increase in jobs reported recently came right after impressing months, and showed a significant slowdown in the united states economy.
EUR/USD was at around 1.4250 ahead of the release, between your 1.4220 and 1.4282 lines. USD/JPY was at around 81.40. GBP/USD was lower at around 1.5950. USD/CHF moved higher to merely under 0.85. AUD/USD retreated from potential to deal with 1.0765. USD/CAD was capped by 0.96. Earlier, Canadian employment figures were a lot better than expected.
It is important to understand that your initial response to the making of the Non-Farm Payrolls isn’t always the actual direction. See other characteristics of the get together inside the 5 notes for Non-Farm Payrolls trading.