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Masoud : EUR/USD Weekly Review 10 Oct 11

Hello koala king and folks.
Good day to you.
Jean-Claude Trichet, current President of the Central Bank of Europe ECB announced that the minimum bid rate remains unchanged and also of continued efforts to provide support to European banks.
Trichet mentioned that it was his last report and that the past eight years had been spent with ups and downs. Experience was gained. Many economists believe that with the new incoming president of the ECB, policy should not change in the near term.
United States of America in September had employment growth slightly more than expected. America’s Labor Department on Friday released its monthly report and reported that over the last month, nearly 103 thousand jobs were created in America. However the unemployment rate of 9.1% remained. Mr Obama’s target of 8% unemployment seems to be a challenging task for now. Mr Obama on Thursday urged Congress to vote on his jobs plan and warned that if it is not approved, it could add to America’s economic problems.

With the various negative outlooks reported by the ratings agency on Italy and Spain, it is expected that the two countries may further deteriorate.

From a technical perspective: 
As I said last week in the midweek analysis, EUR/USD after this loss, need a little rest and a retracement. As I expected the currency pair could not be closed above 1.35 and responded to the upper channel line. 
Have a great weekend.
Masoud.
Masoud is a businessman and a Senior Forex Koala. Connect with him at our page on Facebook

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