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FX Market Commentary - 8th March 2010Better than expected US jobs data spurred global risk appetite on Friday with key commodities and the higher yielding currencies the beneficiaries. US Non-farm payrolls fell by 36,000 in the month of February, against estimates of 70,000 jobs cuts keeping the official unemployment rate at 9.7 percent. Market consensus called for the unemployment rate to edge up to 9.8%. The US dollar index which measures the dollar's value relative to six major foreign currencies is currently trading at 80.43 representing no change from the previous close. Global market’s were also buoyed by reassuring words from German Chancellor Angela Merkel who stated Greece would not require financial assistance and the Euro-zone remains in good stead. The Aussie dollar become a primary beneficiary of the surge in confidence and has remained well supported this morning to current levels of 90.9 US cents, representing near six week highs. Following on from offshore trading on Friday, we expect the local unit to remain well supported in domestic trade - in the absence of economic news equity markets a likely to be the key driver. |
