Recession Around the Corner
Friday's NFP results certainly was not a shock but maybe a little surprise. Regardless of analysts expectations, secretly most traders would probably have been expecting a bad number but surely not that bad.
17,000 jobs were lost and without doubt recession looms over us. Rumour is the rate cut was as a result of the Fed knowing this figure and coupled with big down moves across the globe on Martin Luther King day. We should probably expect another rate cut at least and possibly two during this year to compensate for the bad results being thrown at us.
A few of you (including Turkey Catcher) made some substantial profits on Friday and well done to you. The Pound Dollar made great profits after the breakdown as shown on Friday mornings update. If you are thinking f shorting this today then just be aware that Fridays close is at a price support level and fib level. We are not saying it is going to bounce but beware of that possibility.
Chart courtesy of Advanced Get. Data provided by eSignal.
17,000 jobs were lost and without doubt recession looms over us. Rumour is the rate cut was as a result of the Fed knowing this figure and coupled with big down moves across the globe on Martin Luther King day. We should probably expect another rate cut at least and possibly two during this year to compensate for the bad results being thrown at us.
A few of you (including Turkey Catcher) made some substantial profits on Friday and well done to you. The Pound Dollar made great profits after the breakdown as shown on Friday mornings update. If you are thinking f shorting this today then just be aware that Fridays close is at a price support level and fib level. We are not saying it is going to bounce but beware of that possibility.
Chart courtesy of Advanced Get. Data provided by eSignal.
Hope you have a great trading week.
Download Anne Chapman's free ebook here.
Forex Analysts
Javid Shaik & Anne Chapman
posted by Javid Shaik @ 7:57 PM
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