Intraday Market Thoughts

Relentless USDJPY Ahead of NFP

by Ashraf Laidi
Mar 8, 2013 12:51

USDJPY tests the 95.80s after Japan Fin Min Taro Aso said he did not discuss the JPY with his US counterpart Lew and that yean weakness was a result of Japan's campaign to fight deflation. USDJPY continues to get the best of both worlds, propped by deepening yen weakness and emerging USD strength. Although USD strength eased off in the last 24 hours, yen weakness was relentless as risk appetite raged on due to better than expected figures from the US services ISM and a lower than expected figure in US weekly claims. NFP exp at 165K from 157K while unemployment rate seen unchanged at 7.9%. We have issued new trades in USDJPY, EURJPY, gold and US crude oil earlier this morning ahead of today's jobs reports in the US and Canada. These are found in the latest Premium Insights

Act Exp Prev GMT
Nonfarm Payrolls (FEB)
160K 157K Mar 08 13:30
FOMC's Duke Speech
Mar 09 1:00
Unemployment Rate (FEB)
7.9% 7.9% Mar 08 13:30
Net Change in Employment (FEB)
8.0K -21.9K Mar 08 13:30
Unemployment Rate (FEB)
7.1% 7.0% Mar 08 13:30

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