Dollar continues its volatile market dance with Euro currency undecided whether to go south back to 1.4000 or break through to 1.4500. Recent bad fundamental news made positive effect on dollar, most probably because of financial institutions cashing out of stock markets. But today this “bad news — strong dollar” trend was broken.
September nonfarm payrolls came out at 110k — even better than already optimistic expectations of analysts (100k). More than that, extremely bad August result (-4k) was revised towards a much better one (89k), showing that U.S. employment market is still strong and is not dramatically affected by subprime lending crisis.
Among other nonfarm payrolls today came out: unemployment rate — 4.7%, average hourly earnings — 0.4% increase, average workweek — 33.8%.
