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Forex Trading: One of the quietest NFP days

Posted by Greg Michalowski on Fri, 05/02/2008 - 11:38am in

 

The NFP number today had a little of everything for everyone.  It was negative indicating ho-hum job picture but it was not bad with the employment rate remaining subdued, wages contained and the good sectors (Health, government, professional and business services and leisure still) adding jobs, while the bad sectors (construction, manufacturing, Retail Trade) subtracting jobs. 

The leisure sector (+18,000 jobs) is interesting to me seeing that it implies consumers are still spending on luxuries like restaurant meals and vacations.  Financial Activity is curious as well given the announced lay offs in that sector.   HMMM.  I don't get that. 

Anyway, the markets are quieted down after testing key levels in the EURUSD and USDJPY in particular early on and holding.  The markets seem content with remaining content with where we are currently trading.  Next week there is the interest rate meetings at the ECB and the Bank of England.  Although no change is expected for both, comments could help the market get going again.