Review American and Asian session 10.03.2008

Review American and Asian session 10.03.2008

Data on the job market in the United States were mixed.

On Friday session at the American dollar rose against the backdrop of the labour market in the United States.

Economists forecast the number of jobs created outside of agricultural wallpapers in February should range from 0 to +25000. Given ADP data presented on Wednesday, which showed a reduction of jobs in the private sector to 23000, market participants expect the weak official data, despite forecasts of economists. As noted above figures actually responded to the expectations of the market, which allowed the euro rate rise to a new maximum of 1.5463. However, the sudden decline in unemployment has made adjustments to the dynamics of the course.

According to the Ministry of Labor Statistics the number of new jobs can only dream of agricultural again in February fell by 63000, the January figure was revised for the worse before -22 000. At the same time, the unemployment rate unexpectedly fell to 4.8%, while economists predicted growth of up to 5%. Ambiguous data led to the fixation of short positions on the dollar, which has supported the dollar rate.

Although data on the labour market in the United States have fallen short of forecasts of economists, the new week dollar may continue to decline again, as well as the reduction of jobs in the United States indicates a worsening of the American economy. According to economists, "the reduction of unemployment was not due to an increase in employment, a reduction in the workforce at 450000 people" - reported in the Dow Jones, that is a negative point.

At the Asian session rates of the major currencies traded in limited ranges. At the time of this writing, Pope euro / dollar CIOC at 1.5375. Pound against the dollar negotiate with the level of 2.0175. Para dollar / CIOC franc at around 1.0205. Para dollar / yen level from 102.00 CIOC.

Today at the European session, the main events will be data on industrial production and manufacturing industries in the manufacturing sector for January in the United Kingdom, as well as data on producer prices in February. The data will be presented at 12:30 Moscow time. Pound may be supported after the publication of the UK.