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The yen extended its post U.S. jobs report advance during Tokyo-less trade in Asia (Japanese markets were closed for a public holiday). USD-JPY dove to its lowest level seen since Dec-18 of 103.25 before finding a toehold. Stop related selling through 103.80-90 reportedly played a big role in thin trade. Read more
Last week was the first full week of economic news for 2014 and the magnitude of the reported data did not disappoint. Perhaps the most important print was the disappointing US payroll data, which came in at a paltry 74,000. This was perhaps more shocking in light of the ADP payroll number printing over 200,000 a few days prior. Read more
The big monthly news for December was the unexpectedly poor payrolls report, but there is evidence that this was mainly a fluke due to poor weather. The workweek declined, which is a negative for the LEI. The unemployment rate declined, as the labor force declined. Read more
The dollar fell sharply and stayed down after the big jobs report miss, where the NFP print came in at just 74k, versus street consensus of around 200k. EUR-USD inched into lows of 1.3568 into the data, before rocketing to 1.3665 highs immediately afterward. Read more
Above is a weekly chart of the USD/CAD. It shows a rounding bottom formation that started in the third quarter of 2009. Recently, prices broke through the 1.06-1.08 level where a fair amount of resistance remained from prints in 2009. So -- why the breakout? The central reason is the Fed's announcement that it will start to taper its bond buying program. Read more
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Sterling weakness following a disappointing batch of U.K. data provided the main movement in otherwise subdued pre-U.S. payrolls trade. EUR-USD consolidated around the 1.3600 mark and USD-JPY did likewise around its 105.00 level after lifting moderately during the Tokyo session. Read more
EUR-USD rebounded to levels around 1.3610-20 after making a six-week low of 1.3548 yesterday following solid U.S. data and dovish ECB press conference. EUR-JPY and EUR-GBP saw a similar price action. USD-JPY rose back toward 105.00 amid modest yen underperformance. Read more
The dollar rallied against the euro in the aftermath of decent U.S. initial claims data, though more so on the back of a dovish sounding Draghi. The ECB chief said that the central bank would keep rates at current or lower levels for an extended period. Read more
The euro rebounded moderately amid the final countdown to the ECB announcement and press conference. EUR-USD made a 50-pip-plus run high from Asian lows on a pre-ECB announcement bout of position squaring as the risk of a dovish press conference has been discounted by the euro's decline over the last few sessions. Read more
Above is a chart of the GBP/USD. The pound rallied from July to January, increasing in value by about 18.5%. The reason for the pound’s rally was the increasing strength of the UK economy, while the US economy printed somewhat weaker numbers. However, over the last few months, the US numbers have been gaining strength. Read more
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