The dollar recovered from initial losses following U.S. employment report.

[RTFX-Trading]

The dollar recovered from initial losses following U.S. employment report.

The U.S. economy has shed fewer jobs than analysts expected. Last month 345'000 posts were lost, the lowest number since September 2008. Although the unemployment rate has reached 9.40% of the population, these figures are considered positive, with some relief.

The first reaction from the market was that of risk taking. The Euro, Pound, the New Zealand dollar and Australian dollar were the beneficiaries immediately after the announcement, while the yen and the U.S. dollar suffered. Thereafter, investors estimated that the United States are perhaps the first out of the economic crisis, which resulted in a sharp rise in the U.S. dollar. It appears that the objective of a configuration of a ‘Head and Shoulder’ at 1.3975 is to be reached before Monday...

The chart below shows the market's reaction to the announcement, rising U.S. dollar, Australian and New Zealand and fall in the Japanese yen.





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