Daily GVI Forex View- Awaiting Jobs Data

Global markets have caught up with the sell-off in U.S. equities late Thursday in N.Y. by now. Flight to safety demand in the JPY yesterday saw the Nikkei tumble overnight along with the rest of Asian equities. European bourses have fallen as well. The focus at the moment is on Portugal, Spain and Greece. Portugal faces a key vote on regional finances, which is more symbolic of how seriously the parties view the situation in that country than financially critical. The G7 in the Canadian arctic later today will have something other to do than to grandstand on baker bonuses. Sovereign debt problems are by no means confined to the Eurozone.



The U.S. employment data today includes major annual benchmark revisions to previously released figures. This is not a sudden unexpected development. It happens every year in January. A downward revision to the 2009 data has been widely discussed for months. Talk has been about a write-down in previous jobs on the order of -800,000 has been bandied about. Bloomberg is expecting a revision of -824,000. The market consensus is for a steady reading for the January jobs report.