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

January 17, 2017
Yen strengthens as markets jittery ahead of May's press conference
The U.S. dollar was trading weak yesterday in a holiday thin trading session. The Japanese yen strengthened strongly in the early hours today as investors turn cautious ahead of the British PM...
January 16, 2017
U.S. markets are closed Monday
U.S. markets are closed Monday for Martin Luther King Day. This will be a busy week for traders, with the inauguration of president-elect Trump on Friday headlining...
January 16, 2017
Busy start to the GBP with Carney speech
U.S. markets are closed today on account of Martin Luther King Day. Economic data is quiet ahead of another busy week. The Bank of England Governor, Mark Carney will be speaking later this afternoon and his comments come a day before the British PM Theresa May will be holding her press conference on Brexit...

FXCM Rating
XTB Rating
HotForex Rating Trade Rating
FBS Rating
Larson&Holz IT Ltd Rating

OptionFair Rating
OptionRally Rating
EZTrader Rating
OptionsXO Rating
IQ Option Rating
Beeoptions Rating