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Archive for 03/12/2010
NFP badly disappoints, dollar leaves gold as safe haven
03/12/2010 by Philinje.
Watching the forex charts intensely just now, it was striking that there was very little spike action upon announcement of the NFP, which showed a much smaller increase in jobs and a very negative increase in the unemployment rate from 9.6 to 9.8%.
The only spikes were dollar/Yen (down big), dollar/CAD (up slightly), and gold (up). One would gather that now there is every reason to hate the dollar, much like the markets have been hating the Euro. And, instead of the traditional knee-jerk reaction into the Euro, the fleeing was into the Yen (the only less ugly currency) and gold.
This is very gold positive and so it spiked above $1400. Most likely this will launch a new uptrend after the past few days of basically resting in place. It is amazing how still gold has been, just below $1400. That was a nice consolidation, and now gold should be off to the races.
Posted in Gold | Print | No Comments »