The US Dollar is losing to the most world currencies reaching new lows against EUR and GBP just before Non-Farm Employment Change release on Friday, October 8th. Today at 13:15 GMT, ADP Non-Farm Employment Change is released, and it forecasts an addition of 23K new jobs on the US labor market (unlike 10K loss in August). Now USD stands at 1.3855 against the EUR, which is an eight-month record for USD. It should be mentioned that USD downtrend has a direct correlation to Wall Street rising. The EUR has been rising sharply against USD since mid-September, when the pair stood at $1.2600. If US labor market shows improvement, EUR's upward trend might be stopped. In the opposite case, EUR woul continue to rally getting closer to USD resistance far away at $1.5150.

GBP/USD – 1.5900

Despite the recent volatility, GBP is gaining strength against USD reaching the 1.600 line (USD strong resistance) once again. The UK Interest Rate is to be released tomorrow would most likely remain at 0.50%, despite the fact that some members of the monetary Committee would prefer to see the interest rate grown. Now the GBP/USD pair stands at $1.5900 continuing an upward trend started about a month ago at 1.5300. If the Interest rate rises, or if Marvin King implies that it will rise soon, GBP might continue its rally, or even cross the 1.6000 line. If not, encouraging numbers from the US labor market might cause the trend to reverse and help USD to rise.