The dollar rose against the yen on Friday after a government report showed U.S. employers cut fewer jobs than expected (36,000 against an anticipated figure of 70,000) last month which prompted optimism about an economic recovery being under way and the Dollar fell against the high yielding currencies ...

The high yielding Aussie and Canada Dollar rallied hard and the Euro and Pound also gained and as we have said in previous reports, these rallies were expected due to extremes on the Net Traders Positions.

Selected Currency Comments

British Pound

A rally has unfolded in the Pound and we got on board and are near the 1.52 level and have taken profit. The CFTC Net Traders Positions last week, showed that we are at a bearish extreme and a good short covering rally was on the cards and its occurred

Euro

The Euro has rallied off a record bearish Net Traders Report which showed speculators held a record short position, while on the other hand, the smart money commercials hold a heavy net long position but the rally will fade in our view. We are short from the 1.50 level and looking for more downside, our view is the rally will fade into the.....

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