The dollar traded down 0.38% after a fierce rally yesterday that coincided with a weak stock market.
Crude fell 1.5% today to $69.77 a barrel with weak employment number and assumption that energy demand will take a long time to rebound. Unemployment rose to a 26 year high of 9.8% as 263,000 payroll jobs were lost. Gold rallied above $1000 an ounce as the dollar weakened against the Euro.
Market leaders showing strength are:
AAPL up 2.5% to $185.4
ABT up 2.2% to $49.8
COP up 3% to $46.9
JPM up 2.4% to $42.35
Tech stocks were stable, but overall market momentum is now on the downside.
Metal high-flyer FCX was at $65.8 down 0.6%.
The treasury bond rally over the past few months has been huge with 10 Year Yields dropping from 3.9% to 3.1% range.
Many economists and bond gurus still feel the only way out of the current recession is a dollar devaluation which makes exports more attractive, boosts profits of multinationals and eventually creates jobs.