The nonfarm payroll reports was right in line with expectations but the big downward revisions make the 1,000,000 decline rumored this morning closer to the mark than it would appear at fist blush. Unemployment rose to 8.1%, the highest since 1982.
EUR/USD rallied toward session highs after the data. Earlier, the BIS was spotted selling into strength and could still be around. The were very steady buyers in recent sessions on the 1.25-handle. Stops are seen at 1.2735/40 and again above 1.2750 resistance.