Dollar sells off against yen on weak non-farms data
City Index April 7, 2014 2:13 PM
<p>The FX markets are trading with a slight risk off and dollar negative bias following the release of non-farms data on Friday. The report suggested that […]</p>
The FX markets are trading with a slight risk off and dollar negative bias following the release of non-farms data on Friday.
The report suggested that negative weather effects over the winter months have now diminished. The headline number came in at 192k, just below the 200k consensus forecast with revisions to the prior months coming in at an increase of 37k, whilst the unemployment rate remained steady at 6.7%.
The dollar has sold off against JPY as US yields continue to trade lower, with the Nikkei trading down 2% on the day. The World Bank cut China’s GDP forecast for 2014 by 0.1% to 7.6%, whilst re-affirming the 2015 forecast at 7.5%.
With no data releases today, the markets will look for hints of any shift in ECB policy as members Mersch, Weidmann and Constancio are scheduled to speak.
We also keep an eye on developments in Ukraine as reports suggest that Pro-Russian activists have stormed into administration offices in Donetsk demanding a referendum.
Supports 1.3680-1.3645-1.3560 | Resistance 1.3740-1.3785-1.3825
Supports 103.00-102.65-102.35 | Resistance 103.50-103.85-104.15
Supports 1.6560-1.6540-1.6480 | Resistance 1.6615-1.6665-1.6715
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