USDJPY at 3 ½ Year Peaks on US Job Data, Single Currency Under Selling Pressure | IFCM Hong Kong
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USDJPY at 3 ½ Year Peaks on US Job Data, Single Currency Under Selling Pressure - 11.3.2013

The greenback against the Japanese Yen hovered above 96 on Friday trading basically influenced by the much better than expected US jobs data but also on anticipation that the BOJ will follow more aggressive monetary policy to achieve its 2% inflation target. The latter was pledged by its nominee governor, Kuroda, the currency pair breached key resistance at 95 easily and achieved more than 3 ½ highs on Friday. The USDCAD contrariwise with the other major currencies against the US dollar was maintained in 1.0336/1.0253 trading range, amid much better job data for Canada as well. The number of employed people in February increased by 50.7K compared to 21.9K decline in January, much more than it was anticipated with unemployment remaining unchanged at 7.0% while an increase by 0.1% was projected. The EURUSD dropped sharply on Friday after the unexpected improvement in US unemployment. Non-Farm Payrolls rose by 236K in February, more than anticipated figure at 162K while the January NFP revised downwards to 119K also Jobless Rate dropped by 0.2% in February from 7.9% to 7.7%. The 17-nation currency against greenback sank from 1.3118 to 1.2964 on Friday but then retraced back, struggling to hold its key boundary at 1.30. US indices rallied for one more trading session on Friday with Dow Jones rising to record high again at 14,397 on increased risk appetite. The European currency has been weighed by political uncertainty in Italy, in addition Fitch Ratings downgraded Italy’s credit rating due to inconclusive elections adding further pressure, and lastly EU leaders are going to meet again later this week to decide on Cyprus bail out terms.
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