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Forex News: NFP comes out at -49,000. 5.5% unemployment rate

Posted by Greg Michalowski on Fri, 06/06/2008 - 7:30am in

Rate is much higher. 

The dollar got hit on the unemployment rate which was much higher than expected.  This represents a bad number for the dollar as the jump has the potential to scare employers. Typically, when employment rate starts to rise, businesses who are holding off layoffs start to look toward laying off. This leads to a follow the leader mentality often where employers do not want be the last to cut employment.  As a result, the dollar should trade weak.

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