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Session recap: Non Farm Payrolls wrap up the week

FXStreet (Barcelona) - The greenback retains the top spot yet again, with Non Farm Payrolls this time the catalyst for a higher dollar. The currency was relentless and punished majors across the board. US nonfarm payrolls rose to 248,000 and the unemployment rate came in falling to 5.9%.

EUR bulls were driven back to 1.25 until supporters were called into protect this level in heavy droves who only managed to hold further supply at the gates of the handle.

GBP/USD was taken along the journey until reaching as low as 1.5954. This is a significant milestone where much below here opens up negative territory ahead of the BoE. Although there have definitely been improvements in the UK’s labour, it is worth noting with an air of caution that the lack of wage inflation is suggestive of continued slack in the market and that may indicate that a rate hike in the first quarter of 2015 as being less likely than what markets have been pricing into the pound.

USD/JPY was put back into positive territory and moved against the doubters until just a fraction away from the key 110 handle. The pair reached as high as 109.90 but has settled lower into the close as markets squared up into the weekend. The BoJ is going to be key next week while there are some mention of the weakness of the currency which may resurface again in days to come along what is likely to be a busy week ahead at critical levels.

AUD/USD has been punished back down to yearly lows and settles in the middle of the 0.86 handle. A rebound from here would be going against a strong technical trend. There is also a good fundamental case for a broader downside bias.

Key events

US stocks up, with S&P 500 up 1.1% at 1968

US nonfarm payrolls impress up to 248,000

USD/JPY: It’s not all NFP’s – TDS

Analysts at TD Securities the conditions surrounding the Yen and despite todays rally, we are reminded that there are other fundamentals in the mix.
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