Axiory Global Research Team
Axiory Global Ltd.
The greenback rose across the board on Friday and the USDJPY pair jumped circa 50 pips to trade slightly below the 109 threshold during the US session as investors piled into the US dollar following strong numbers from the US labor market.
According to the latest report, the US economy created 266,000 new jobs in November, much more than the 180,000 expected by economists.
The change in total nonfarm payroll employment for September was revised up by 13,000 from 180,000 to 193,000, and the change for October was revised up by 28,000 from 128,000 to 156,000. With these revisions, employment gains in September and October combined were 41,000 more than previously reported.
Wage growth remained strong and printed 3.1% on a yearly basis, while the unemployment rate improved modestly to 3.5%.
The major support appears to be near 108.35 and as long as the greenback hovers above it, the outlook seems bullish. The next level to watch is near the 108.00 barrier, where strong bids might be located as well.
On the upside, the first intraday resistance could be at around 109.00 and if bulls push the price above this resistance, further gains toward 109.50 could occur.
Trading FX/CFDs on margin bears a high level of risk, and may not be suitable for all investors. Before deciding to trade FX/CFDs you should carefully consider your investment objectives, level of experience, and risk appetite. You can sustain significant loss.
Recommended Content
Editors’ Picks
EUR/USD holds above 1.0650 after US data
EUR/USD retreats from session highs but manages to hold above 1.0650 in the early American session. Upbeat macroeconomic data releases from the US helps the US Dollar find a foothold and limits the pair's upside.
GBP/USD retreats toward 1.2450 on modest USD rebound
GBP/USD edges lower in the second half of the day and trades at around 1.2450. Better-than-expected Jobless Claims and Philadelphia Fed Manufacturing Index data from the US provides a support to the USD and forces the pair to stay on the back foot.
Gold is closely monitoring geopolitics
Gold trades in positive territory above $2,380 on Thursday. Although the benchmark 10-year US Treasury bond yield holds steady following upbeat US data, XAU/USD continues to stretch higher on growing fears over a deepening conflict in the Middle East.
Ripple faces significant correction as former SEC litigator says lawsuit could make it to Supreme Court
Ripple (XRP) price hovers below the key $0.50 level on Thursday after failing at another attempt to break and close above the resistance for the fourth day in a row.
Have we seen the extent of the Fed rate repricing?
Markets have been mostly consolidating recent moves into Thursday. We’ve seen some profit taking on Dollar longs and renewed demand for US equities into the dip. Whether or not this holds up is a completely different story.