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Forex: USD/JPY at mid 95's levels in preparation for US NFP

A big weight got off USD/JPY shoulders on ECB Draghi's speech yesterday, where he gave an upbeat and confident indication that Eurozone's economy will recover. A new “risk-on” mood gave strength for a move towards 95.00 yesterday, and today's Asian session pushed further to 95.44 high.

Japan's GDP growth rose +0.2% in Q4 (YoY) instead of the expected -0.4% recession. Bank lending rose from 1.3% to 1.5%. Current account deficit widened from ¥-264.1B to ¥-364.8B in January, but less than the expected ¥-626.0B.

Investors will be focusing on US NFP today. Consensus points to +160K added jobs in February, slightly increasing January's pace of +157K. The ADP employment figure released this week came in better than expected and prior month's figure was revised higher.

UBS analysts are bullish: “The latest strength saw the pair post a new recovery high. Resistance is at 97.79 ahead of 99.875”, wrote analyst Gareth Berry, pointing to support at 93.79 ahead of 92.92.

Forex: AUD/USD in red around 1.0250

The Aussie dollar is trading in the defensive position on Friday, retracing ground from Thursday’s highs above 1.0280 to the actual area around 1.0250, despite the positive figures from the Chinese external sector during February....
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