Asian Session – Dollar remains firm after US jobs data
July 8, 2013 6:14 am
The dollar held onto gains in early Monday trading during the Asian session, as regional markets consolidate profits made after the strong US jobs report on Friday.
The nonfarm payrolls numbers added to expectations for a near-term end to the Federal Reserve’s stimulus program. The US Bureau of Labor Statistics reported that 195,000 jobs were created in June, which was more than the 165,000 forecast. This compares to May’s 195,000.
Meanwhile unemployment rate remained unchanged at 7.6 percent, despite expectations for a decline to 7.5.
EURUSD opened on Monday at $1.2810, close to Monday’s drop to $1.2805 from a pre-data high of $1.2895. Today focus will be on the Euro group meetings, which could affect the euro.
Euro zone finance ministers will discuss how to best extend aid to Greece, which needs to procure 8.1 billion euros so it can avoid default.
Sterling remains weak against a broadly stronger dollar, with GBPUSD edging lower to $1.4857. Expectations of more monetary easing out of the Bank of England later this year is weighing in the pound.
Yen regained some losses in Asia today after USDJPY pulled back from Friday’s strong jobs-driven rally. USDJPY peaked early in the Asian session to 101.52 to extended slightly higher from Friday’s high of 101.26. The pair eased down to 101.05 by the end of the Asian session.
The dollar held onto gains in early Monday trading during the Asian session, as regional markets consolidate profits made after the strong US jobs report on Friday.
The nonfarm payrolls numbers added to expectations for a near-term end to the Federal Reserve’s stimulus program. The US Bureau of Labor Statistics reported that 195,000 jobs were created in June, which was more than the 165,000 forecast. This compares to May’s 195,000.
Meanwhile unemployment rate remained unchanged at 7.6 percent, despite expectations for a decline to 7.5.
EURUSD opened on Monday at $1.2810, close to Monday’s drop to $1.2805 from a pre-data high of $1.2895. Today focus will be on the Euro group meetings, which could affect the euro.
Euro zone finance ministers will discuss how to best extend aid to Greece, which needs to procure 8.1 billion euros so it can avoid default.
Sterling remains weak against a broadly stronger dollar, with GBPUSD edging lower to $1.4857. Expectations of more monetary easing out of the Bank of England later this year is weighing in the pound.
Yen regained some losses in Asia today after USDJPY pulled back from Friday’s strong jobs-driven rally. USDJPY peaked early in the Asian session to 101.52 to extended slightly higher from Friday’s high of 101.26. The pair eased down to 101.05 by the end of the Asian session.
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