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EUR-USD has been consolidating Thursday's gains into U.S. jobs data, which is a major focus for global markets given the bearing it will have on Fed tapering expectations. USD-JPY traded moderately higher, having triggered light stops through 102.00 on the back of a burst of demand at the Tokyo fixing today. Read more
Quiet trade has been seen in pre-European Asia trade ahead of today's U.S. payrolls report showstopper. EUR-USD saw a 21 pip range centred on 1.3667, consolidating the gains seen yesterday. The gain largely reflected market disappointment that ECB didn't make any easing action yesterday. Read more
The dollar lost ground nearly across the board in N.Y. trade on Thursday, with cable being about the only exception. A strong Q3 GDP revision (largely from inventory build) combined with a sub-300k jobless claims print (still with seasonal adjustment problems), to bring Dectaper talk back to the forefront. Read more
Since the end of the Great Recession, the US economy has been growing close to a 3% growth rate. While this is obviously better than 0% growth, it is not strong enough to warrant employment growth beyond that which absorbs natural population growth, In fact, the growth situation has become so concerning that some economists are wondering whether the US is now in a period of structural slower growth. Read more
USD-JPY logged a six-day while EUR-USD completed a U-turn in rising to a one-month peak of 1.3640 before in ebbing back to near net unchanged sub-1.3600 levels. In the case of the euro, there was a lack of market commitment into the risk event double header of the pending ECB announcement and tomorrow's U.S. Read more
The USD is softer versus Wednesday's London closing levels. USD-JPY logged a six-day low of 101.81 in New York PM session and is presently settled around the 102.00, over half a big figure down on yesterday's London closing level. The yen normally correlatives with risk appetite, and the currency appears to be following this pattern now with Wall Street and Japanese stocks left weaker amid upgraded risk of a 'Dectaper' by the Fed following the strong ADP private jobs report yesterday, which has flagged upside risk to Friday's official payrolls report. Read more
Earlier today we learned that, according to ADP, employment increased 215,000 in October. As this number has a high correlation with the BLS figures, it's easy to assume we'll see a strong number on Friday. However, the overall condition of the US labor market is still incredibly weak. Read more
The dollar perked up, as equities fell and yields moved higher in the aftermath of the better ADP employment report. The greenback's gains were short lived however, as non-manufacturing ISM disappointed, and as the market girded itself for Thursday's ECB meeting. Read more
North American market participants will discover that the USD is near to where they left it at clocking off time yesterday against both the EUR and JPY, though they will notice it is also trading at moderately higher levels against both GBP and AUD, both of which were affected by disappointing data. Read more
The JPY consolidated to moderately softer levels after yesterday's short-covering driven rebound, EUR-USD was settled near net unchanged levels from yesterday's London closing levels just ahead of the European open, while the AUD was the main mover and shaker having tumbled to a three months low versus the USD following weaker than expected Australian GDP data. Read more
