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US Dollar retains strength

The US unemployment figures showed 533,00 jobs lost against 320,000 expected. Percentage wise, it's 6.7% against 6.5% previously. In the US stock markets, NASDAQ rose just over 4% and Dow Jones just up over 3% at the end of session. Oil closed $40.81 per barrel at the end of New York session.

The Euro against the Dollar remained relatively the same despite bad data in the US. The Dow rally enabled it to reach 1.27, regained. On the Data front, the German factory orders fell quite sharply to -6.1% against 0.2% expected. The EUR/USD closed at 1.27 at the end of New York session.

The German Industrial Production data comes out today. The UK PPI data comes out today.

The sterling remained weak against all majors, but gained back a little with GBP/JPY buying as stocks slipped back to give sterling some momentum. GBP/USD closed 1.4680 end of New York session. There are still fears the recession in the UK could be quite severe and long.