The unemployment rate in the U.S. unexpectedly dropped to 7.7% Friday, a 4-year low.
Along with the unemployment rate figures, the Non-farm unemployment figures were also released today at an impressive 236,000 compared to a general forecast of 162K. This non-farm deviation, along with the unemployment rate deviation (from an expected 7.9%) has strengthened the already strong United States Dollar.
Hiring in the United States exemplified growth in a variety of fields. “The biggest increases in hiring took place in professional services (73,000), construction (48,000), health care (32,000) and retail (24,000), the Labor Department reported Friday.” According to Market Watch.
Friday’s unemployment figures could empower the USD to overcome critical resistance levels in the GBPUSD at it’s general 149 level and the EURUSD could be brought to down into the 1.28’s.
Japanese Yen Weakness in the Forex Market
With highs unseen since 2009, the USDJPY is marching onward to the 97.00 area. It is not out of the picture that we could see 100 by summer. I think the Japanese Yen weakness in the Forex Market could maintain momentum and continue to amaze us with the USDJPY and the EURJPY.
What do you think? Are you in any Yen trades that you would like to talk about?
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