Non Farm Payrolls – The King Of All Forex Events (TradingMarkets.com via Yahoo! Finance)

Forex News: Non Farm Payrolls – The King Of All Forex Events (TradingMarkets.com via Yahoo! Finance)

Well, it looks like Non Farm Payroll jobs lost another 800k jobs last month, raising the unemployment rate to over 8% for the first time since the 1980′s.  I This downward spiral of uncertainty led way to a massive USD selloff after the announcement, only to be followed by a massive GBP selloff a few hours later.  I just watched the GBP/USD drop like a rock over 200 pips in an hour.  Something out there really has got traders startled, the sideways action for most of the day really has a lot of traders sitting out the sidelines until confirmation is more apparant.

Hopefully Obama can get more jobs in the hands of Americans posthaste.