Yea, and those are only the official figures, real unemployment rates are much higher than the U.S. government admits. Just like inflation really is higher than it's purported to be by the CPI whose measurement criteria has been changed many times over the years to show lower inflation that what actually exists. The Japanese currency has been artificially undervalued for years and is looking even better since both the economies of Europe and the U.S. suck hind wind and with all the scamulus packages being bandied about a lengthy depression is all but assured. Considering that Americans are broke there is little reason for the Japanese to intervene to keep the Yen weak since they along with China have already sucked most of the wealth out of the U.S anyways. The real question is when will they dump their treasuries? Will they hold out for the world currency to be coined (read death of FX markets) or dump small chunks here and there and hope the dollar
doesn't totally collapse in the process?
Scott Kuehne
--- On Fri, 8/6/10, THE PIP DISPENSER <efwi007@yahoo.com> wrote:
From: THE PIP DISPENSER <efwi007@yahoo.com>
Subject: [4XONTARIO] U.S. Nonfarm Payrolls tumbled 131K in July after tumbling a revised 221K the mon
To: 4XONTARIO@yahoogroups.com
Date: Friday, August 6, 2010, 9:27 AM
U.S. Nonfarm Payrolls tumbled 131,000 in July after tumbling a revised 221,000 the month prior amid economists' forecasts for a drop of 65,000.
The dismal of census workers contributed to a 202K drop in government payrolls. Going forward, we may continue to see the U.S. dollar lose steam following the dismal report.
Private payroll rose 71k only, lower than expectation of 80k. Unemployment rate though was unchanged at 9.5%.
The poor job data sent US stocks futures sharply lower and raised the
possibility of more quantitative easing from Fed next week.
The Yen jumps sharply in early US session following much worse than expected Non-Farm Payroll report.
USD/JPY dives through 85.31 low to resume recent down trend while the Japanese yen also strengthen broadly too.
The U.S. dollar is noticeably weak against Euro but price actions against Sterling and Aussie are muted so far.
Canadian dollar is even weaker than US dollar after release of worse than expected job report from Canada. The employment market unexpectedly contracted by -9.3k in July versus expectation of 10.3k rise. Unemployment rate also climbed from 7.9% to 8.0%.
Regards,
Efraim
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