Friday could be marked as the day when currencies’ fortunes reversed themesleves with the beleaguered dollar getting a shot in the arm and the mighty euro receiving a dig in the ribs.

Friday’s payroll figure was better than expected, in line with the bullish ADP release on Wednesday, although the unemployment rate did jump to 5.7%; a 4 year high. The manufacturing ISM alsohelped underpin the greenback as it managed to stay on the cusp of expansionary territory with a figure of 50.0

The euro however saw regional PMIs fall heavily. Spain’s fell to a record low of 39.2 but all eyes on now focused on Germany. The RBS/Markit fell to 50.9, barely expansionary, and given the clout that the country has in the fortunes of the currency area, calls for euro weakness may well be deemed shrewd.

Today may be fairly quiet as markets ster themselves for rate announcements from the UK, US and EU this week.

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