4 Mar 2016
USD/JPY: 114-110 range, depending on Fed
USD/JPY is volatile within a 1 cent rage between 114.20 and 113.12 in the aftermath of the nonfarm payrolls event that offered a mixed report. Initially, the headline looked good, but the details behind that showed that things were not so brightly in respect of the detail on wages.
March hike off the table - ING
"Against expectations for a 0.2%mom rise (and our +0.3% expectation based on reports of stronger wages growth from the Beige book), average hourly wages fell 0.1%mom, taking the annual rate down from 2.5%YoY, to only 2.2%YoY," explained Rob Carnell, Chief International Economist at ING who explained that a March rate hike remains off the table in their view, following this release.
USD/JPY levels
USD/JPY is consolidating the downside after attempts at 112 and below in a steep decline form above the 120 handle in Feb. The price is between the 10 dma and the 20 dma with upside target at 114.50 towards 116 on the wide, and a break of 112.00 opens 111.00 and recent lows at 110.95.
Heads now turn to Fed speakers - TDS
March hike off the table - ING
"Against expectations for a 0.2%mom rise (and our +0.3% expectation based on reports of stronger wages growth from the Beige book), average hourly wages fell 0.1%mom, taking the annual rate down from 2.5%YoY, to only 2.2%YoY," explained Rob Carnell, Chief International Economist at ING who explained that a March rate hike remains off the table in their view, following this release.
USD/JPY levels
USD/JPY is consolidating the downside after attempts at 112 and below in a steep decline form above the 120 handle in Feb. The price is between the 10 dma and the 20 dma with upside target at 114.50 towards 116 on the wide, and a break of 112.00 opens 111.00 and recent lows at 110.95.
Heads now turn to Fed speakers - TDS