Earlier today, Statistics Canada reported that the number of employed people rose by 74,1000 in September, beating expectations for an increase of 20,000. Additionally, Canada's unemployment rate fell to 6.8% last month from 7.0% in August. Thanks to these better-than-expected numbers the U.S. dollar erased gains against its Canadian counterpart. What happened with other major currency pairs? Did weaker greenback change their short-term outlooks?

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Earlier today, the U.S. Department of Labor reported that the initial jobless claims in the week ending October 4 decreased by 1,000, beating analysts’ expectations for a 6,000 increase. In response, the U.S. dollar moved higher and EUR/USD erased some gains. Did this move change the very short-term picture?

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The last several weeks were quite rich in various meaningful technical developments in many currency pairs. The USD Index has also rallied very sharply, especially on Friday. It seems, however, that the tendencies that were prevailing in the previous weeks are no longer in place and the decline in the USD Index serves as a good example. What changed in the major currency pairs? Let’s take a closer look.

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Earlier today, official data showed that industrial output in Germany dropped by 4.0% in August, missing forecast for a 1.5% decline. This largest decline since early 2009 pushed EUR/USD lower, but did this move change anything?

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On Friday, the Labor Department showed that the U.S. economy added 248,000 jobs in September, beating forecasts for a 215,000 growth. Additionally, the unemployment rate dropped to its lowest level since July 2008 (to 5.9%). As a result, the USD Index rallied to a fresh multi-month high of 86.87, which pushed AUD/USD below the Jan low. Despite this deterioration, positive Australian data, which showed that job advertisements rose 0.9% last month, triggered a corrective upswing earlier today. Will an invalidation of the breakdown be sufficiently strong factor to initiate a rally?

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