The dollar was broadly lower against the major currencies in the first trading day of 2010, relinquishing the 1.44-level versus the euro and sliding to 1.0374 against the Canadian dollar. Crude oil popped back above the $80 per barrel level while the global equity bourses advanced in the Monday session as traders shifted back into riskier assets. The Dow Jones, Nasdaq and S&P 500 were all higher by over 1.5% by afternoon.
The economic calendar was light today, with the release of the December manufacturing ISM report. The data improved by more than expected, edging up to 55.9 and beating calls for an increase to 54.0 from 53.6 in November. The ISM prices paid component jumped to 61.5 versus 55.0 in the previous month.
The week ahead will see a barrage of reports including November durable goods orders, pending home sales, factory orders, December non-manufacturing ISM, ADP private sector payrolls, weekly jobless claims and the key December jobs report. The non-farm payrolls for December are seen worsening to -20k from -11.0k from a month earlier, while the unemployment rate is expected to edge up slightly to 10.1% from 10.0% from November.
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