How to trade the JPY?
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Greenback holds steady after American jobs report
On Monday, the evergreen buck didn’t change versus a currency basket, having rebounded from 15-month minimums on the back of a sturdy US jobs report because market participants waited for major inflation data later this week.
The US dollar index, normally estimating the greenback’s value versus a trade-weighted basket of six crucial currencies, stuck to 93.32, having ascended 0.72% on Friday.
The rebound arose after the index went down to 92.41 on Wednesday, which is its lowest value since May 2016.
On Friday, the Labor Department informed that the previous month the American economy gained 209,000 jobs, surpassing hopes for a revenue of 183,000.
Market participants were looking ahead to American inflation reports later in the week for fresh clues as for whether the revival in the greenback is sustainable in the longer term or not.
Versus the Japanese yen the greenback stood still, with USD/JPY sticking to 110.74, staying below Friday’s maximum of 111.04.
The common currency, which hit a two-and-a-a-half year maximum of 1.1909 on Wednesday, grew a bit, with EUR/USD ascending 0.14% being worth 1.1786, having dropped 0.83% on Friday.
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