Despite good numbers coming out of the us with the NFP having a positive reading and more people employed in the last month,the dollar still lost ground against the majors but was remained overbought against the Aussie dollar.However, the US is facing a warning of the a rate cut that may see a rallying of the Dollar against other pairs.
The Euro gained against most pairs as speculations that the ECB may be willing to buy debts from Italy and Spain provided that Italy make the necessary financial reforms. This shows how much the EU is concerned about the contagion in the region.
The Swiss Franc on the other hand made new lows against the Dollar even thought the SNB have declared that they will do what they can to curb the currencies advances. The Yen is however still in a sell off as they try to curb the strength of the currency which has seen a lot of volatility during the week.
The S&P actually downgraded the US from its AAA ratings this Friday. This will bring in a lot of market uncertainty which will impact next weeks trading with a lot of volatility.
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