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Yen surges against Pound and Euro on weak U.S. employment data

Fri, Nov 6 2009, 14:06 GMT
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FXstreet.com (Barcelona) - The Yen has soared across the board on the back of a sudden risk aversion wave after a weaker than expected U.S. Non-Farm Payrolls report showing that unemployment rate rose to its highest level in the last 26 years in the U.S.

GBP/JPY has plunged from levels right below 150.50 to 148.75 low immediately after U.S. NFP data was released. At the moment, the pair trades right at 149.00 with 148.55 support (Nov 5 low) on sight.

EUR/JPY has dropped from 135.90 level right before the release of NFP data to 133.45 low, right above Nov 5 low at 133.35. In case of further decline, next support levels lie at 132.50.

U.S. non farm-payrolls have declined by 190,000 in October, somewhat above the 175,000 decline forecasted by the analysts, while the unemployment rate has risen 0.4% to 10.2%

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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

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Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

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