EUR/USD, Cable bounce from lows

EUR/USD is bouncing, now at 1.4030 from lows in the 1.4010 region. Dealers report another batch of stop-loss sell orders just below the 1.40 level. Cable traded down to 1.6000 before bouncing to 1.6030. Commodities have turned lower on the day and stocks are threathening to do the same. US bond yields are back to opening levels. The US employment report has raised as many questions as it answered. The jobless rate is rising despite a slowdown in layoffs. Main Street will clearly be spooked by a 9.4% uemployment rate, the highest since the early 80s.

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