FX Closing Comments

Most FX pairs were subdued today, although the EUR/USD saw some relatively brisk price action, with the Euro taking the upper hand. Although both Service Sector PMI and retail sales were disappointing in Europe, and the U.S. ISM service sector figure was firm (60.5), Dollar bulls continued to have trouble with waning sentiment. Treasury Secretary Snow is also factoring into the chatter on two fronts today, as rumors of his resignation continue to circle at the same time he issued a statement implying that Friday's non-farm payroll number will be strong. An especially robust figure, say above 250,000, may go a long ways towards reversing the fortunes of this week's lagging Dollar.