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Forex Flash: Dollar holds JPY 97 but struggles to climb - BBH

FXstreet.com (Barcelona) - Brown Brothers Harriman analysts note that the dollar held above JPY97.00, but is struggling to move above JPY97.80.

They see additional resistance near JPY98.10 and they note that the Nikkei lost about 0.45%, led by weakness in industrials and telecoms. They write, “One of the declared goals of the Abe government is for higher wages to help strengthen the economy. This has yet to take place. Today the government reported total wage earnings fell 0.6% in the year through March. Base wages were off 0.8% after a 0.7% decline in Feb. They are going in the wrong direction. Special payments, which includes bonuses and commuting costs were up 8.2% in the year through March, down from 10.7% in Feb. Arguably, even more ominous, is the largest drop in overtime pay since late 2009.”

Forex: GBP/JPY extends decline to 151.25

After rising around 120 pips in the European session from the 151.00 area to reach the intra-day high at 152.25, the GBP/JPY was rejected at this level and currently the pair is extending its decline to trade back at 151.25.
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Europe witnesses wave of May Day rallies

Thousands of protesters took to the streets during this year’s May Day holiday to demonstrate their opposition towards the harsh austerity measures implemented by national governments in an attempt to stave off the crisis.
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