HiFX: Foreign Exchange Specialists

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November 7, 2008

The latest US labor report highlighted that 240k jobs were lost during the month of Oct with the manufacturing sector suffering the greatest losses.  Septembers release saw an upward revision to -284k, meaning that Septembers release is the worst monthly labor report since November 2001.  As a result the unemployment rate has leaped to 6.5% from 6.1% marking the highest unemployment rate since March 1994.  A weaker employment report had been expected an consequently the USD saw a mixed reaction with little overall direction noted.