| Published: July 2, 2009 4:38 PM | | | It was another exciting session in NY early on as the buck extended overnight gains on unbridled risk aversion. The overnight comments from China that they did not ask the G-8 to discuss the USD reserve status at the meeting next week provided the spark and a horrendous NFP report did the rest. US nonfarm payrolls plunged -467K in June, well below the consensus call for a -365K drop but more in line with our forecast of -410K. This sent equities reeling and the yen crosses were promptly sold in size. USD/JPY eventually collapsed from an intraday high by 96.90 towards a 95.70 low. EUR/JPY meanwhile was sitting by the 134.15/20 lows after falling from 136.70 highs earlier in the day. » Read More | |
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