Dollar trading higher on U.S better than expected payrolls

A report today showing the U.S has lost 524,000 jobs,  sent the dollar higher against the Euro as the result was not as bad as analysts expected ( a drop of  550,000 in payrolls was the consensus prior to the report’s release).

Although better than expected, the report is still suggesting the U.S has reached the highest unemployment rate in 16 years.

EURUSD has started to retrace its correction to 1.38, and at this moment it looks like the down move which started in the beginning of this week is taking control again.
However, pay attention to USDJPY, which is still stuck around 91, as long as we do not see the dollar gaining strength against the Yen as well, we can conclude that the Dollar strength against the Euro is temporary, and not long to lest.

Z.Georgi

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