JEMTF - Will The Market Push The Dollar Above JPY152 As Japanese Prime Minister Heads To The U.S.?
2024-04-08 08:00:00 ET
Summary
- The jump in US rates after the employment report failed to ignite a sustained rally in the dollar and this has shaken the market's near-term confidence.
- Japan's labor earnings rose by 1.8% year-over-year in February after the 2.0% pace in January was revised to 1.5%.
- The diverging jobs report sent the Canadian dollar to new lows for the year.
Overview
The jump in US rates after the employment report failed to ignite a sustained rally in the dollar ( DXY , USDOLLAR ) and this has shaken the market's near-term confidence. The dollar has been mostly confined to narrow ranges and the low yielding Swiss franc and Japanese yen are softest with the G10 complex today. The dollar is knocking on JPY152. The Scandis and Antipodeans lead the advancers. The euro has made little headway despite a much stronger-than-expected German industrial output. Mainland China markets reopened, and the dollar remains at the upper end of the 2% band and above it against the offshore yuan. Most emerging market currencies are softer, but the South African rand's 0.5% gain stands out, which some see as a gold play. The yellow metal reached a new record-high near $2354 today in Asia but has pulled back to about $2233....
Will The Market Push The Dollar Above JPY152 As Japanese Prime Minister Heads To The U.S.?