The ECB decided to hold rates steady at 4.0% as expected, Trichet however did signal further rate increases for the fourth quarter of 2007. Market is looking forward to tonight's NFP, and any unexpected releases coming from the headline or the revision number should spark some serious fireworks in the sky tonight. Even though the current consensus estimate for payrolls is 125k, according to the Bloomberg survey, the range of estimates is between 80k and 150k.
Dollar positive = Should we get a greater than 130k, no downward revision, would send the dollar skyrocketing.
Dollar negative = Should we get a sub 100k print, expect the dollar to drop against the euro.
Today's Pivot Points:
R3 = 1.3717
R2 = 1.3687
R1 = 1.3638
PP = 1.3608
S1 = 1.3559
S2 = 1.3529
S3 = 1.3480
Today's Calendar:
1- US Nonfarm Payroll 8.30 pm
Today's Strategy:
1- Asian high low breakout.
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