The USD dropped massively on Friday upon the release of the US Job’s report, and in particular because of the extremely low negative -4K figure of the Change in Nonfarm Payrolls.

As could be easily predicted, Investors and economists did not try to speculate or change their trading strategy on the present USD trend and continued to massively short the USD. The Previous release was standing on 68K, as the market expected 110K yet the decline in payrolls could be easily forecasted on the basis of last sharp and weak US economic data which continues to hit, and eventually brought the figure to stand on a cut of 4,000 workers during the month of August.

Today there is no market moving news expected to come from the US, as the only release will be the US Consumer Credit which is expected to go down from 13.2B to 8.8B, and will probably not cause a major price movement in the USD.

The U.S. economic development is in serious difficulty. The mortgage industry’s decline donated to the drop of 4,000 U.S. jobs in August and it was the first payroll decline in four years. As it seems the housing market could sink the country into a full-blown depression. Next week’s economic reports include Retail Sales and Consumer Confidence; many economists estimate the U.S. economy’s trend will not make any dramatic correction in the short run.