Non-Farms Data Results in Dollar Losses

The safe-haven US dollar took significant losses against its main currency rivals on Friday, as a better than expected US Non-Farm Payrolls figure resulted in risk taking in the marketplace. The AUD/USD shot up close to 100 pips during the European session to peak at 1.0569. The pair eventually finished out the week at 1.0561. Against the Swiss franc, the dollar fell more than 170 pips to trade as low as 0.9694 before staging a slight recovery to close the day at 0.9703. Turning to today, traders will want to pay close attention to a speech from Fed Chairman Bernanke, set to take place at 13:00 GMT. While Friday's Non-Farm Payrolls came in above expectations, the unemployment rate in the US increased slightly from 8.2% to 8.3%. As a result, some analysts are predicting that the Fed Chairman may hint at a new round of quantitative easing today to boost the US economy. If he does, the greenback could extend its recent losses during afternoon trading.

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