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USD & CAD - World Market Update Friday, Feb. 1, 2008
Currency Exchange
- Market participants expecting the U.S. economy to create roughly 70K jobs in January were surprised to the down side this morning as the U.S. Bureau of Labor Statistics reported that the domestic economy actually lost 17K jobs in the month. Average hourly earnings and the average work week were also seen to be on the low side of the consensus market forecast and will certainly put pressure on U.S. GDP growth for the start of 2008. There was a glimmer of a silver lining in the numbers however as the jobs total for December was revised higher by 64K while the unemployment rate actually fell 0.1% to 4.9% as the size of the overall labor pool shrunk. ...
AUD - Australian Currency News Update Friday, Feb. 1, 2008
Currency Converter News - For the second time this week the AUD again tested the waters around 0.9000 against the USD. The US Federal Reserve chairman Ben Bernanke has come under fire from certain sectors of the economic community for cutting rates so steeply. Some schools of though speculate that the rate cuts have encouraged consumer spending which drives 70% of the US economy. This is a concern because in a credit risk environment this provides cheaper credit, which in turn provides better opportunity to borrow, which in turn pushes up inflation which potentially risks larger problems. ...