6E USD observation

[lx384]

Hey all,

Was paying attention to the release of the non farm payrolls numbers which was released just 1/2 hour ago. On release, 6E (Euro futures) had a sharp rise of over 50 ticks followed by a sharp fall of about 150 ticks. 6J (Yen) fell immediately. The dollar index rose sharply.

Can anybody explain to me WHY did 6E rise instead of falling immediately? It did fall eventually.

 

[Trader333]

Arbitrage trading probably.


Paul

 

[GammaJammer]

people traded the knee-jerk risk 'on' move initially on that not as **** as expected NFP print. But bear in mind that the birth/death model had been adding maybe 125k jobs each month jan - june. july added 32k I think, so people had that in mind. But there's so many forces at play right now - Ambac had ****ty results, which people started looking at, and US short end I think has rallied pretty hard, all of which means whipsaw for the dollar.