It was not good news for the jobless. 85,000 more people reported to be unemployed for the first time last month, significantly worse than expected. Employers still are not hiring because they have a lack of confidence in the economic recovery steps the government has taken. It also appears that more of the continued jobless are giving up looking for work.
This was not good news for the US dollar. The dollar took a sizable loss against the other currencies after the announcement, then experienced another reversal. It recovered all its losses, but by the end of the day, gave back about half of the ground it lost originally.
It was an active day for me. I did 33 trades, with 28 winners and 5 losses. The net pips for today is +134.1 pips, or a 0.28% gain. The wild reversals kept it from being a much better day.
For the week, it was a small net loss of -107.1 pips, or a -1.69% loss.
Here are the daily stats for Friday, January 8, 2010.
| Open | High | Low | Close | Pip Interval |
| GBP/USD | 1.5928 | 1.6108 | 1.5913 | 1.6024 | 195 |
| EUR/USD | 1.4306 | 1.4437 | 1.4262 | 1.4411 | 175 |
| USD/CHF | 1.0339 | 1.0383 | 1.0215 | 1.0232 | 168 |
| USD/JPY | 93.35 | 93.75 | 92.27 | 92.62 | 148 |
| GBP/JPY | 148.69 | 149.42 | 148.00 | 148.41 | 142 |
It will sure be nice when the market settles down a bit. I should be able to post some sizable gains again.
May the pips be with us!
The Pipmaster
Email: titangroupfx@gmail.com
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