We are seeing great strength in the United States Dollar this morning.
Currently the USDJPY and the USDCAD are very bullish and Thursday’s unemployment release could add a lot of strength to the U.S. Dollar. You can read a full report of the claims here. Thursday’s unemployment figure was the lowest since the beginning of 2008.
All eyes have been on the Yen in the recent months. Since Shinzo Abe took office the Yen has decreased in value about 4.5% according to Bloomberg. With more easing on the way and an inflation target of 2% recently agreed upon. It is likely that Yen weakness will continue, possibly throughout the rest of the year.
The CAD’s weakness is also evident from a fundamental stand point as Prime Minister Stephen Harper lowers his expectations for Canada’s economy. New lows against the USD are expected and on the weekly time frame, the USDCAD could close above a critical 1.00 resistance level.
Fundamental announcements tomorrow include the United States Dollar New Home Sales and the Canadian CPI. The CAD weakness could be exponentially increased. Although the U.S. economy is hurting, sentiment in result of unemployment figures could manifest in continued U.S. Dollar strength in the Forex market.
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