US Unemployment Rate Soars

The non-farm payroll report for December showed a loss of 524k jobs. The unemployment rate increased to 7.2 percent from 6.8 percent.

The US Dollar reacted with definite strength. Market participants had initially expected the numbers to be far worse. Dollar traders expressed relief as numbers came in better than expected.

The Dollar Index continues to look stable and bullish. Barring any special surprises traders should see dollar strength throughout the rest of January.