Markets seem to be still digesting Friday’s mixed US labor data. The unemployment rate unexpectedly fell to 9.7% vs. 10.0% exp, while non-farm payrolls declined by -20k vs. 15k exp (December’s number was revised down to -150k from -85k). However, average weekly hours worked, a dependable indicator for new jobs, rose to 33.3 which gave equities a boost and temporarily lessened the pressure on the EUR. The lack of strong data out of the US will just amplify the credit worries in Europe, so we continue to play the USD from the long side.