On the first day of the week, the foreign exchange market continued digesting the surprising results of the unemployment rate in America. Remember that last Friday, the Labor Department reported that the rate stood at 9.7% in February, while nonfarm payroll employment (payrolls) have been considerably worse, placing 36,000 posts work destroyed in the previous month. However, the news has injected optimism into the market, after increasing the prospects for American country’s recovery.

For the day today, no relevant data to be known in America, the eyes will be on the Canadian housing starts. So far, we have learned that the Swiss unemployment rate stood at 4.4%, a cut of 0.1% over the January figure, while the adjusted retail sales to Switzerland have exceeded expectations, to settle at 4.4% in January, when it was estimated that the figure would be 2.4%. Finally, in Germany, the January industrial production has experienced a significant recovery in the annualized rate, registering a surge of 2.2% in the first month of 2010, when in December, that industry experienced a contraction of 7 1%.
Moreover, the market is waiting to announcements made by the Bank of China to warn a tightening in monetary policy. Recall that the Central Bank has decided in 2008 to fix the exchange rate in 6.83 yen to promote exports. “This strategy is part of our special package for the global financial crisis. Sooner or later end up with these special measures, “said its chairman Zhou Xiaochuan. » Read more: The loonie benefits from the surge in oil