The AUD, EUR, GBP dropped against USD after surprising unemployment data. On Friday after the Bureau of Labor Statistics reported the U.S. unemployment rate fell to 7.8% in September from 8.1% in August.
- AUD/USD dropped almost two cents this week, as the pair fell below 1.02, closing at 1.0182.
- Euro/dollar recovered last week after the falls, but didn’t really go very far.It seems that some progress has been made both in Spain and in Greece, but uncertainty remains high.
- GBP/USD was unchanged this week, as the pair closed at 1.6132. UK releases continue to perform close to the market estimates. There were no surprises from the BOE last week, as the key QE and the benchmark interest rate remained unchanged.
- USD/JPY finally reversed its course and moved up. The positive Non-Farm Payrolls report in the US certainly helped the pair surge higher.
- Gold prices fell in U.S. trading on Friday as investors sold the precious metal for profits, shrugging off solid unemployment data that sent gold’s traditional hedge, the dollar.
To download complete report, CLICK: Forex and Gold Daily Report for October 08, 2012