U.S. labour market report came in strong with Nonfarm Payrolls at 227K vs. 175K expected. Unemployment Rate (4.8%) ticked up but again in tandem with Participation Rate (62.9%). Average Weekly Earnings (MoM) was the only soft spot, yet that was what the market used as an excuse to sell the dollar.

Cautious Fed and U.S Administration's stance on currencies are likely the main reasons why the bulls hesitated. USD/JPY is holding above 38.2% retracement of the Trump rally. A successful break would put 110 into focus.

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