Yen gains in risk-off market, dollar tumbles on weak jobs data

October 23, 2013

The US dollar fell hard against most major counterparts after being hurt by the disappointing nonfarm payrolls report, while the yen strengthened after being bought in a risk-off market.

During today’s Asian session, markets were mainly digesting the data from the September jobs report which showed a lower than expected job creation of 148,000 against expectations of a 185,000 jobs increase.

The weak data raises concern about the recovery of the US labor market and raises speculation that the Federal Reserve will not likely scale back any stimulus until after Marc h 2014.

The current stimulus plan of the Fed involves bond buying which tends to be negative for the dollar. As a result, the dollar was sold off sharply and gold rallied. Gold and USD tend to have an inverse relationship. 

The dollar fell 0.8 percent versus yen to 97.35 while against euro, the dollar hit the weakest since November 2011 at 1.3793. Euro fell against yen to 134.08, down 0.9 percent.

Publication source
FxNet information  FxNet reviews

October 21, 2016
EUR/USD remained unchanged after the ECB
The price maintained its bearish tone on Thursday. The EUR/USD pair stayed around its recent lows during the day. The euro slightly strengthened towards 1.1000 ahead of the US opening. The 50-EMA limited the euro recovery in the 1 hour chart...
October 21, 2016
Decisions on QE Postponed until December
Asian stock markets are narrowly mixed, with Japanese bourses managing marginal gains as the Yen falls against the Dollar. Stock futures in the U.S. are down...
October 21, 2016
EURUSD at $1.09, but declines could be limited
The ECB monetary policy meeting yesterday saw the euro give up its intraday gains to close on a bearish note. As Draghi signaled that the central bank would need time to assess the monetary policy situation... Rating
FxPro Rating
Tickmill Rating
HotForex Rating
OctaFX Rating
FXTM Rating

Empire Option Rating
24option Rating
IQ Option Rating
Beeoptions Rating
Binary Brokerz Rating
TopOption Rating