ADP Survey February 2008
The ADP payroll survey for February 2008 showed a projected drop in private payrolls by 23,000.
The US Dollar was hit hard with the EUR/USD breaking 1.53 and threatening to do more. The USD index had been attempting weak rallies after rumors of coordinated intervention started making rounds in the markets. China remained a large buyer as the EUR/USD pushed for new highs again. It currently sits at the extreme overbought level on the daily charts.
It is likely that the Non Farm Payrolls reading for February 2008 is going to be more negative than anything seen in quite awhile. It will be hard for Paulson and Bush to keep saying, “well, this is just a little dip”
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