Source: ForexYard
The Japanese yen slipped to a fresh four-month low against the US dollar last night, following better than expected US employment data yesterday which boosted investor confidence in the US economic recovery. The USD/JPY, currently trading at 80.32, has gained close to 40 pips in the last 24 hours.
Concerns regarding Greece’s willingness to institute new austerity measures, required to secure a new round of bailout funds, caused the euro to fall against several of its main rivals in Asian trading. The EUR/USD fell more than 50 pips last night, and is currently trading below the 1.2900 level.
Both crude oil and gold saw minor downward corrections last night, as concerns about Greece also weighed down on higher-yielding commodities. Still, analysts were quick to warn that investors are likely to hold off on opening big positions for commodities until after key US employment data today.
Main News for Today
US Non-Farm Payrolls – 12:30 GMT
• The Non-Farm figure is widely considered the most important indicator on the forex calendar
• Following yesterday’s better than expected ADP Non-Farm Employment Change, analysts are forecasting today’s news to show growth in the US employment sector
• Any better than expected data could help the USD/JPY extend its recent bullish trend
US Unemployment Rate- 12:30 GMT
• After last month’s surprising drop in the US Unemployment Rate, the dollar received a boost against the yen
• Any better than expected news could help the dollar once again today
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