International Forex Inforamtion

Dollar and yen were under much pressure in the early part of last week as optimistic investors sent global stocks higher. Economic data were generally positive, until the release of worse than expected ADP employment and then the disappointing non-farm payroll. NFP alone sent DOW -223pts lower to close the week near the low. Dollar and yen rode on the turn in investor sentiments and rebounded, additionally supported by weakness in commodities. But after all, major pairs are still staying in prior week's range and it needs something more drastic to trigger a breakout. Nevertheless, some large moves in the forex markets could be around the corner considering the technical developments in stocks and crude oil.