Australian unemployment hit a four year high reaching 5.2% versus estimates of 5% but surprisingly the country’s economy continued to generate jobs adding 1800 new workers versus forecasts of -20,000 loss. The labor participation rate also improved rising to 65.5% from 65.3%.

The euro started off the new week the same way it ended the last one – by sliding against the dollar as focus in the currency shifted towards the ECB. The central banker in Frankfurt are facing escalating pressure to lower rates in light of the severe slowdown in economic activity in the Eurozone. In contrast , Friday’s US Non Farm payrolls, though horrid at -525K, were far better than the whisper number of -700K and as a result support for the greenback stiffened as the data refused to confirm the dollar bears worst expectations.