The euro opened at 1.2602 at 8:30 am in New York just as September's non-farm payrolls were released. The better than forecast 248,000 headline number, positive revisions to the two prior months and a 0.2 percent drop in the unemployment rate to 5.9 percent sent the euro careening lower. Within a minute it had fallen 50 points to 1.2548, then rallied briefly to 1.2557 and fell again to 1.2517.
The Asian and European market had slipped steadily lower on with soft euro zone PMI's weighing on the the euro in London. The European low at 1.2601 was the minute before the U.S. open. EMU retails sales were stronger than anticipated in August but had no impact.
Selling into any rally continued throughout the day: 1.2557 followed by 1.2518; 1.2549 followed by 1.2519; 1.2533 then 1.2514; 1.2520 and then 1.2501 and 1.2524 then 1.2504.
Market Economics services PMI (58.9, expected 58.5) and the ISM non-manufacturing (58.6, expected 58.5) data aded to the general dollar strength. The day's low at 1.2501 came about 45 minutes after the ISM information. No real attempt was made to breech 1.2500 with large bids holding the line. The late afternoon saw a small covering rally to 1.2818.
The euro cloased at 1.2512.